Photronics (PLAB) PT Raised to $23 at Stifel

May 25, 2022 12:28 PM EDT
Get Alerts PLAB Hot Sheet
Price: $19.34 --0%

Rating Summary:
    3 Buy, 2 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 4 | Down: 11 | New: 44
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Stifel analyst Patrick Ho raised the price target on Photronics (NASDAQ: PLAB) to $23.00 (from $21.00) while maintaining a Buy rating following earnings.

The analyst commented, "On Wednesday morning, Photronics reported strong 2Q22 (April) earnings results, above expectations, and despite volatility in the marketplace, suggested continued strength through the rest of 2022. While we had some concerns over the local Chinese IC market, the company’s broad-based strength in the mainstream IC market more than offset any of these concerns and drove the strong results and upside in its guidance. Moreover, the results highlighted strong margins and earnings leverage, and in turn, the company once again raised its long-term target model (as it is likely to reach its previous target in 2022 or 2023). When we recently upgraded the name (see our note, Photronics: Upgrade to Buy and $21 Target Price; Attractive Valuation and Improved Operating Model Drive Rating Change, April 10), we highlighted the basis as attractive valuations and an improved operating model. We still have both (and more) and maintain our Buy rating."

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