Photronics price target raised to $35 from $32 at DA Davidson

DA Davidson raised the firm’s price target on Photronics (PLAB) to $35 from $32 and keeps a Buy rating on the shares after its “solid” Q4 results. The company also provided largely in-line guidance for the “seasonally weak” Q1, but the big news during the earnings call was a projected ramp in capital spending – expected at $200M in FY25 vs. $131M in FY24 – and the fact that most of this spending is earmarked for the U.S. market, the analyst tells investors in a research note.