Stifel says Photronics at attractive entry point, upgrades to 'buy'

Photronics

11/04/2022 13:15

** Shares of chip component maker  PLAB.O  rise ~6%
premarket to $15.4, set to snap eight-session losing streak and
move away from a five-month low
    ** Stifel upgrades to "buy" from "hold"; lifts PT to $21
from $19, representing a ~45% premium to last stock close
    ** Median PT is $25 - Refinitiv data 
    ** Shares set for best session in more than six weeks 
    ** "The company has been executing well for some time,
capitalizing on strong demand trends in the trailing-edge market
while improving its margin profile," says Stifel
    ** Current prices represent an attractive entry point on a
valuation basis - brokerage 
    ** Stifel says PLAB has upside opportunity given it recently
raised its long-term model targets 
    ** Stock down 23% YTD, as of last close

 (Reporting by Susan Mathew)
 ((susan.mathew@thomsonreuters.com))