Bernstein kicked off coverage of KLA Corp. with an Outperform rating and a $1,700 price target, calling the firm the premier name in semiconductor capital equipment and the clear leader in process control. The analyst team highlighted KLA’s dominant 57% market share, which dwarfs its nearest rival by more than six‑fold.

Bernstein projects process‑control spending expanding at an 18% compound annual growth rate from 2019 to 2024, outpacing the broader wafer‑fab equipment market’s 15% pace. Looking ahead, it expects an 11% CAGR through 2029 versus roughly 8% for the wider sector, driven by larger die sizes, high‑bandwidth memory and advanced packaging demands.

Beyond equipment, Bernstein sees upside from KLA’s expanding services business and a possible boost if Intel accelerates its foundry strategy, which would raise demand for advanced process‑control tools. The firm also flags a long‑term play in actinic mask inspection tied to high‑NA EUV adoption, valuing the stock at roughly 35× FY27‑28 EPS of $48.