Photronics price target lowered to $30 from $35 at DA Davidson

DA Davidson lowered the firm’s price target on Photronics (PLAB) to $30 from $35 but keeps a Buy rating on the shares. The company’s results and outlook were slightly softer than expected, with the stock also under pressure on the announcement that the CEO is stepping aside after a three-year run, the analyst tells investors in a research note. The firm adds however that the management transition should be smooth and the industry crosscurrent will subside in the coming quarters.