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Fly News Breaks for August 19, 2016
PLAB
Aug 19, 2016 | 09:09 EDT
Needham analyst Y. Edwin Mok notes that Photronics reported mixed Q3 results and provided guidance below consensus estimates. While the analyst acknowledges the company is facing near-term challenges, he sees growth returning in 2017 as the memory space gradually improves. Further, with a plan to expand into China, Mok expects Photronics to benefit from increasing semiconductor activity in the region longer-term. He reiterates a Buy rating and $12 price target on the shares.
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