UBS Maintains a 'Buy' on Photronics (PLAB); Looking for Robust Recovery in 2nd Half
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Price: $33.95 +1.37%
Rating Summary:
5 Buy, 3 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 18 | Down: 15 | New: 9
Rating Summary:
5 Buy, 3 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 18 | Down: 15 | New: 9
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UBS maintains a 'Buy' on Photronics (NASDAQ: PLAB) price target raised from $8 to $10.
UBS analyst says, "PLAB reported Jan-12 sales and EPS of $112M and $0.09 versus consensus estimates of $114M and $0.09. Jan-12 sales weakness (down -8% q/q) was mainly due to downturn in main stream business in both IC and FPD as utilization rates likely troughed in Jan-12 qtr...PLAB guided its midpoint Apr-12 sales and EPS to $116M and $0.11 vs. consensus sales and EPS of $121M and $0.13. The weaker guide for 2Q is likely due to near term weakness in DRAM, which we anticipate will rebound in Jul-12 qtr as the utilization rates improve. We note a potential industry merger involving Elpida could be a key wild card in 2012 as Photronics has no share at Elpida. Photronics has capacity to run at $150M and has significant flexibility around its $60-80M capex."
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.
UBS analyst says, "PLAB reported Jan-12 sales and EPS of $112M and $0.09 versus consensus estimates of $114M and $0.09. Jan-12 sales weakness (down -8% q/q) was mainly due to downturn in main stream business in both IC and FPD as utilization rates likely troughed in Jan-12 qtr...PLAB guided its midpoint Apr-12 sales and EPS to $116M and $0.11 vs. consensus sales and EPS of $121M and $0.13. The weaker guide for 2Q is likely due to near term weakness in DRAM, which we anticipate will rebound in Jul-12 qtr as the utilization rates improve. We note a potential industry merger involving Elpida could be a key wild card in 2012 as Photronics has no share at Elpida. Photronics has capacity to run at $150M and has significant flexibility around its $60-80M capex."
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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