Photronics price target raised to $45 from $30 at DA Davidson

DA Davidson raised the firm’s price target on Photronics (PLAB) to $45 from $30 and keeps a Buy rating on the shares. The company’s Q4 exceeded expectations on strong high-end IC results and steady FPD – Flat Panel Displays – segment activity that offset a mainstream IC – Integrated Circuits – segment that remained under pressure from softer China design cycles, the analyst tells investors in a research note. A late-quarter FPD slowdown has been resolved and mainstream activity appears to be stabilizing after several choppy quarters, the firm added.