Photronics -18% on Q4 caution, downgraded to Hold at Needham & Company, Stifel

• Both from prior Buy positions.
• Needham & Company's Edwin Mok notes Photronics (NASDAQ:PLAB) is facing multiple near-term pressures in high-end and mainstream operations and doesn't see much upside potential even from the deflated levels shares have fallen to following the Q4 pre-announcement.
• Stifel, meanwhile, moves from a $12 to $8.50 target (current price $8.80), similarly observing a lack of any near-term catalysts.
• The drop moves shares lower by 10% on a 3-month term and 13% on the year.