Needham & Company Reiterates a 'Buy' on Photronics (PLAB); Success in High-End Should Continue to Drive Growth

Needham & Company reiterates a 'Buy' on Photronics (NASDAQ: PLAB), raises PT from $11 to $13.

Needham analyst says, 'We reiterate our rating on PLAB after a strong F2Q11 (Apr) report. We believe the record quarter with strong growth of highend sales confirms that PLAB is gaining share with leading-edge customers. As PLAB grows its top line, we see increased operating leverage in the financial model, driving higher earnings. Despite yesterday’s rally, PLAB looks undervalued at a CY12 P/E of just 9X. Based on strong EPS growth, we raise our PT...We raise our FY11 EPS estimate to $0.83 and FY12 to $0.90. Our new PT $13 is based on 13X our CY12 EPS of $1.00."

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

Shares of Photronics closed at $8.96 yesterday.

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