Analyst Highlights Benefits for Photronics (PLAB), FormFactor (FORM) Following Micron/Elpida Deal

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Shares of Photronics (Nasdaq: PLAB) and FormFactor (Nasdaq: FORM) are up 4.3 percent and 3.1 percent, respectively, Tuesday as investors continue to respond to Monday morning's news Micron (NYSE: MU) has agreed to acquire Elpida in a $2.5 billion deal.

A research note from Stifel Nicolaus' Patrick Ho earlier is likely helping Photronics and FormFactor this morning. The analyst said Micron transitioning its technology and designs for Elpida's 3x nanometer DRAM node should provide a complete new revenue stream for Photronics. He also noted capacity changes from DRAM to NAND (and vice versa) should remain a positive for Photronics as the company has positioned itself appropriately for Micron's NAND flash segment.

While shares of Micron rose nearly 4 percent on Monday and are up another 5 percent this morning, shares of Photronics and FormFactor did not move substantially until the Stifel Nicolaus analyst highlighted the benefits.

Stifel Nicolaus maintains a Buy rating on both Photronics and FormFactor. Ho has an $11 price target on Photronics shares and a $12 target on FormFactor shares.

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