Needham & Company Starts Photronics (PLAB) at Buy; Emerging as a Technology Leader in the Recovering Photomask Industry

Needham & Company initiates coverage on Photronics (NASDAQ: PLAB) with a Buy. PT $11.

Needham analyst says, "We believe the cyclical rebound of the photomask market is poised to continue in the next 2-3 years, driven by 1) growing IC content in new consumer devices; 2) increased complexity of leading edge IC technology; and 3) new display technologies, such as OLED, driving a new design cycle in display. We believe PLAB is emerging as a technology leader and is gaining share at the leading-edge. We believe the Street is under appreciating the leverage in the financial model and we see upside to consensus earnings estimates. Therefore, we recommend investors buy PLAB as we expect share price to move higher on better earnings growth."

For more ratings news on Photronics click here and for the rating history of Photronics click here.

Shares of Photronics closed at $8.60 yesterday.

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