Needham & Company Maintains a 'Buy' on Photronics (PLAB); Guidance Below Consensus, but Recovery Should Continue;

Needham & Company maintains a 'Buy' on Photronics (NASDAQ: PLAB) price target of $8.00.

Analyst, Y. Edwin Mok, said, "PLAB reported mixed F1Q12 (Jan) results, and provided sequentially higher guidance that is below consensus estimates. While we find the outlook slightly disappointing, business trends within the semiconductor sector are looking increasingly more positive, suggesting revenue growth will continue beyond the current quarter. Also, we see increasing evidence that PLAB is winning at the high end, which bodes well longer term. With improving profitability and trading at just 1.1X adj. P/TBV, we maintain our Buy."

"We trim our FY12 non-GAAP EPS to $0.54 and FY13 to $0.71."

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 $7.28 yesterday.

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