UBS Maintains a 'Buy' on Photronics (PLAB); Executing Well During Industry Downcycle

UBS maintains a 'Buy' on Photronics (NASDAQ: PLAB) price target lowered from $10.50 to $8.00.

UBS analyst said, "PLAB reported Oct-11 sales and EPS of $122M and $0.14 which was inline with its negative preannouncement on November 8th given industry weakness in mainstream flat panel display photomask sales and high end semi photomask sales. We believe Photronics is executing well in higher end semi photomasks (45nm and below) where sales were $26M (21% of total sales). We believe Photronics is positioned well for future growth in high end flat panel display photomasks (including AMOLED technology) where sales were $15M (12% of total sales)."

UBS is lowering estimates to reflect lower near term visibility - FY12 from $1.05 to $0.48 and FY13 from $1.10 to $1.00.

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 $6.11 yesterday.

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