OmniVision Technologies Downgraded to Neutral at Zacks (OVTI)
OmniVision Technologies (NASDAQ:OVTI) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a research note issued to investors on Monday, AnalystRatings.Net reports. They currently have a $16.00 price objective on the stock. Zacks‘ target price points to a potential upside of 5.33% from the company’s current price.
Zacks‘ analyst wrote, “OmniVision is an OEM of CMOS image sensors and support circuitry used within handsets, notebooks and other mass markets. Its first-quarter earnings beat the Zacks Consensus but guidance disappointed. The company has a strong position in the handset market and is also expanding into other areas. We like its product roadmap, growth prospects, strengthening position in the fast-growing Chinese market and management execution and believe that it will be able to deal with the short product life cycles and temporary slowdown in the computing and smartphone markets. However, the mix shift to higher-resolution sensors is likely to be offset by some inventory buildup, increased competition and price pressures in the near term. We therefore downgrade OmniVision shares from Outperform to Neutral.”
OmniVision Technologies (NASDAQ:OVTI) traded down 1.18% during mid-day trading on Monday, hitting $15.01. 504,134 shares of the company’s stock traded hands. OmniVision Technologies has a 1-year low of $12.06 and a 1-year high of $20.48. The stock’s 50-day moving average is $15.90 and its 200-day moving average is $15.84. The company has a market cap of $834.4 million and a price-to-earnings ratio of 12.88.
OmniVision Technologies (NASDAQ:OVTI) last announced its earnings results on Thursday, August 29th. The company reported $0.55 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.43 by $0.12. The company had revenue of $373.70 million for the quarter, compared to the consensus estimate of $376.58 million. During the same quarter in the previous year, the company posted $0.21 earnings per share. The company’s revenue for the quarter was up 44.8% on a year-over-year basis.
OVTI has been the subject of a number of other recent research reports. Analysts at Canaccord Genuity reiterated a “sell” rating on shares of OmniVision Technologies in a research note to investors on Friday, August 30th. Separately, analysts at Wedbush reiterated a “neutral” rating on shares of OmniVision Technologies in a research note to investors on Friday, August 30th. They now have a $16.00 price target on the stock, down previously from $18.00. Finally, analysts at Needham & Company cut their price target on shares of OmniVision Technologies from $25.00 to $22.00 in a research note to investors on Friday, August 30th. They now have a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $19.70.
OmniVision Technologies, Inc (NASDAQ:OVTI) designs, develops and markets integrated and semiconductor image-sensor devices.
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