Photronics reported fiscal second-quarter 2026 revenue of $209.94 million, missing the $216.03 million consensus, while earnings per share of $0.42 fell short of the $0.53 estimate. Revenue was flat year-over-year, with the IC business declining 5% to $148 million due to delayed design releases from high fab utilization, memory supply constraints, and geopolitical uncertainty, while the Flat Panel Display segment grew 13% to $62 million on strong AMOLED demand in China and seasonal recovery in Korea. Following the May 29 earnings release, Craig-Hallum lowered its price target from $48 to $42 but maintained a Buy rating, citing near-term headwinds rather than a change in long-term conviction. Despite the roughly 10% stock decline since the report, Wall Street still anticipates more than 40% upside over the next 12 months.
Photronics IncPhotronics missed Q2 revenue and EPS estimates, and Craig-Hallum lowered its price target.