UBS analyst Timothy Arcuri double downgraded KLA-Tencor to Sell from Buy with a price target of $140, down from $192. The stock closed Wednesday down 1% to $173.67. KLA has been among the top five semis stocks over the past six months, outperforming the S&P semis industry group by ~45%, Arcuri tells investors in a research note. The analyst, however, sees risk to estimates moving through the first half of 2020 with wafer fab equipment spending peaking. The “run-rate math is most worrisome” for KLA-Tencor’s core foundry/logic segment, contends the analyst.