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KLA-Tencor (KLAC) -3.3% after Deutsche downgrades to Sell and lowers its PT to $44. The firm...

KLA-Tencor (KLAC) -3.3% after Deutsche downgrades to Sell and lowers its PT to $44. The firm sees rising yields for 28nm chips lowering demand for KLA's process control equipment, and thinks the company could see a "multi-quarter bookings slowdown in 2013." Deutsche also doesn't like KLA's "premium valuation" relative to peers (it trades at 13x estimated FY13 EPS). The chip equipment space has seen some bad earnings news (I, II) lately.
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