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OmniVision Technologies (NASDAQ:OVTI)‘s stock had its “outperform” rating restated by Zacks in a report issued on Friday. They currently have a $24.00 price objective on the stock. Zacks‘s price target indicates a potential upside of 19.17% from the stock’s previous close.

Zacks’ analyst wrote, “OmniVision is an OEM of CMOS image sensors and support circuitry used within handsets, notebooks and other mass markets. Its fourth-quarter earnings beat the Zacks Consensus by a penny and guidance was also encouraging. The company has a strong position in the handset market and is also expanding into other areas. We like its product roadmap, growth prospects, mix shift to higher-resolution sensors, 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, increased competition, North America challenges and price pressures. We are therefore maintaining Outperform rating on OmniVision shares.”

OmniVision Technologies (NASDAQ:OVTI) traded up 11.37% during mid-day trading on Friday, hitting $22.43. 6,609,940 shares of the company’s stock traded hands. OmniVision Technologies has a one year low of $13.55 and a one year high of $20.48. The stock has a 50-day moving average of $19.20 and a 200-day moving average of $16.98. The company has a market cap of $1.257 billion and a price-to-earnings ratio of 12.67.

OmniVision Technologies (NASDAQ:OVTI) last announced its earnings results on Thursday, May 29th. The company reported $0.40 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.27 by $0.13. The company had revenue of $331.00 million for the quarter, compared to the consensus estimate of $292.11 million. During the same quarter in the prior year, the company posted $0.31 earnings per share. The company’s quarterly revenue was down 1.5% on a year-over-year basis. On average, analysts predict that OmniVision Technologies will post $1.33 earnings per share for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at ISI Group raised their price target on shares of OmniVision Technologies to $23.00 in a research note on Friday. They now have a “hold” rating on the stock. Separately, analysts at Northland Securities upgraded shares of OmniVision Technologies from a “market perform” rating to an “outperform” rating in a research note on Friday. They now have a $28.00 price target on the stock, up previously from $21.00. Finally, analysts at Raymond James downgraded shares of OmniVision Technologies from a “market perform” rating to an “underperform” rating in a research note on Friday. They now have a $21.83 price target on the stock. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. OmniVision Technologies presently has a consensus rating of “Hold” and a consensus price target of $22.08.

OmniVision Technologies, Inc (NASDAQ:OVTI) designs, develops and markets integrated and semiconductor image-sensor devices.

To view Zacks’ full report, visit Zacks’ official website.

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