Needham & Company analyst Y. Edwin Mok reiterated a Buy rating on Photronics (NASDAQ: PLAB) while adjusted estimates and lifting his price target to $14.00 (from $12.00) following a beat and raise quarter.

Mok commented, "PLAB reported a strong F4Q15 beat and provided higher guidance, driven by growth in both high-end IC and FPD. PLAB appears to be benefiting from several growth drivers that could be sustainable, including memory technology transitions in DRAM and 3D NAND, new demand in OLED and incremental high-end IC demand in 28nm, 14nm and the emerging 10nm node. We expect Micron [Hold] to increase in-sourcing after the JV ends in May 2016, but any impact will not likely come until FY17 and growth in other areas could potentially offset this risk. Despite the stock trading at a 5-year high, we believe improved profitability coupled with multiple growth drivers ahead could support a higher share price. Therefore, we maintain our Buy and raise our PT to $14 (from $12)."

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Shares of Photronics closed at $11.15 yesterday.