Needham & Company Maintains a 'Buy' on Photronics (PLAB); Preannounced F4Q11 Due to Industry Softness
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Price: $33.33 +0.03%
Rating Summary:
5 Buy, 3 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 20
Rating Summary:
5 Buy, 3 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 20
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Needham & Company maintains a 'Buy' on Photronics (NASDAQ: PLAB) price target lowered from $11 to $8.
Needham analyst says, "Yesterday after market close, PLAB lowered F4Q11 (Oct) guidance due to general softness in both semiconductor and flat panel display markets. Given general weaknesses in both of these markets, we are not surprised by the announcement. Despite near-term challenges, we believe growth should resume in CY2012 as customers accelerate their transitions to newer technology generations, driving demand for photomasks. PLAB is trading at a P/TBV of just 1.0X and is likely to remain profitable even if the market declines further, in our view."
"We reduce our FY11 non-GAAP EPS estimate to $0.78 and FY12 to $0.67. We introduce our FY13 revenue/ non-GAAP EPS estimates of $525MM/$0.78."
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 $6.36 yesterday.
Needham analyst says, "Yesterday after market close, PLAB lowered F4Q11 (Oct) guidance due to general softness in both semiconductor and flat panel display markets. Given general weaknesses in both of these markets, we are not surprised by the announcement. Despite near-term challenges, we believe growth should resume in CY2012 as customers accelerate their transitions to newer technology generations, driving demand for photomasks. PLAB is trading at a P/TBV of just 1.0X and is likely to remain profitable even if the market declines further, in our view."
"We reduce our FY11 non-GAAP EPS estimate to $0.78 and FY12 to $0.67. We introduce our FY13 revenue/ non-GAAP EPS estimates of $525MM/$0.78."
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 $6.36 yesterday.
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