Needham & Company Reiterates Buy on Photronics (PLAB) Following Investor Meetings

Needham & Company reiterates a Buy rating and $12.00 price target on Photronics (NASDAQ: PLAB) following investor meetings. Mgmt reiterated its target for QoQ revenue growth throughout this year. Analyst Edwin Mok came away confident in the potential for revenue growth and margin expansion.

Mok commented, "We recently had the opportunity to host investor meetings for PLAB CFO Sean Smith and VP of U.S. and Europe Peter Broadbent. We came away confident in the potential for revenue growth and margin expansion in the coming 1-2 years. As the market leader in the photomask space, PLAB is well positioned to leverage increased demand at both foundry and memory customers, contributing to topline growth. With strong leverage in the model, we see potential for substantial earnings growth as well. Reiterate Buy and $12 PT."

For an analyst ratings summary and ratings history on Photronics click here. For more ratings news on Photronics click here.

Shares of Photronics closed at $9.99 yesterday.

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