Needham & Company Reiterates a 'Buy' on Photronics (PLAB); Weaker Outlook Largely Discounted in the Stock
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Price: $33.32 --0%
Rating Summary:
5 Buy, 3 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 17 | New: 20
Rating Summary:
5 Buy, 3 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 17 | New: 20
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Needham & Company reiterates a 'Buy' on Photronics (NASDAQ: PLAB) price target lowered from $13 to $11.
Needham analyst says, "We reiterate our Buy on PLAB going into F3Q11 (Jul) report on August 16 after market close. We believe the weaker outlook is largely discounted in share price given the 40%+ decline from its recent high. We are lowering out year estimates based on a more conservative outlook for both the semiconductor and flat panel display industries; however we believe PLAB’s business is more leveraged to design cycles and less impacted by the industry-wide slowdown. At just 7X our more conservative CY2012 earnings, we recommend investors buy the stock ahead of the report in anticipation of a relief rally...Based on weaker industry trends, we trim our FY11 EPS estimates to $0.78 and FY12 to $0.75."
For more ratings news on Photronics click here and for the rating history of Photronics click here.
Shares of Photronics closed at $5.92 yesterday.
Needham analyst says, "We reiterate our Buy on PLAB going into F3Q11 (Jul) report on August 16 after market close. We believe the weaker outlook is largely discounted in share price given the 40%+ decline from its recent high. We are lowering out year estimates based on a more conservative outlook for both the semiconductor and flat panel display industries; however we believe PLAB’s business is more leveraged to design cycles and less impacted by the industry-wide slowdown. At just 7X our more conservative CY2012 earnings, we recommend investors buy the stock ahead of the report in anticipation of a relief rally...Based on weaker industry trends, we trim our FY11 EPS estimates to $0.78 and FY12 to $0.75."
For more ratings news on Photronics click here and for the rating history of Photronics click here.
Shares of Photronics closed at $5.92 yesterday.
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