PLAB - Photronics Q2 Results: Long-Term Still Intact Another Opportunity To Accumulate
2024-05-22 14:15:21 ET
Summary
- Photronics reported fiscal Q2 earnings that missed analysts' consensus on both top and bottom lines, causing a 17% drop in share price.
- The company's Q3 guidance was also softer than expected, leading to a further decline in share price.
- Despite the negative reaction, I believe the drop was an overreaction and maintained a buy rating, expecting long-term growth and potential opportunities to accumulate shares at lower prices.
Introduction
Photronics, Inc. ( PLAB ) recently reported fiscal Q2 earnings that missed analysts’ consensus on top and bottom lines, as well as softer Q3 guidance. This news sent the share price down 17% at the open. However, as investors digested the information, the company’s share price recovered 10%....
Photronics Q2 Results: Long-Term Still Intact, Another Opportunity To Accumulate