OmniVision Technologies Upgraded at Raymond James (OVTI)
OmniVision Technologies (NASDAQ:OVTI) was upgraded by analysts at Raymond James from an “underperform” rating to a “market perform” rating in a research report issued to clients and investors on Friday, TheFlyOnTheWall.com reports.
The analysts wrote, “We are upgrading OmniVision to Market Perform from Underperform considering the pending acquisition by a Chinese group led by Hua Capital Management for $29 per share. While shares have benefited from the strong offer (since August 14), some concern has been raised regarding potential pushback by the Committee of Foreign Investment in the U.S. (CFIUS) given the composition of the investor group (including a state-owned LLC). As such, there is considerable uncertainty surrounding the deal, and our view of the underlying business trends remains unchanged. Should the transaction not be completed, we would expect multiple contraction given the ongoing mix-shift toward lower-end markets/devices (China + India).”
OmniVision Technologies (NASDAQ:OVTI) traded down 0.55% during mid-day trading on Friday, hitting $27.03. 608,169 shares of the company’s stock traded hands. OmniVision Technologies has a one year low of $13.55 and a one year high of $28.34. The stock’s 50-day moving average is $24.11 and its 200-day moving average is $20.45. The company has a market cap of $1.527 billion and a P/E ratio of 15.99.
OmniVision Technologies (NASDAQ:OVTI) last posted its quarterly earnings results on Thursday, August 28th. The company reported $0.91 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.52 by $0.39. The company had revenue of $406.50 million for the quarter, compared to the consensus estimate of $381.50 million. During the same quarter in the prior year, the company posted $0.55 earnings per share. The company’s quarterly revenue was up 22.8% on a year-over-year basis. Analysts expect that OmniVision Technologies will post $1.62 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at S&P Equity Research reiterated a “buy” rating on shares of OmniVision Technologies in a research note on Friday, August 15th. They now have a $8.92 price target on the stock, down previously from $15.07. They noted that the move was a valuation call. Separately, analysts at Robert W. Baird downgraded shares of OmniVision Technologies from an “outperform” rating to a “neutral” rating in a research note on Friday, August 15th. They now have a $27.00 price target on the stock. Finally, analysts at Needham & Company LLC reiterated a “fair value” rating on shares of OmniVision Technologies in a research note on Thursday, August 14th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $23.99.
OmniVision Technologies, Inc (NASDAQ:OVTI) designs, develops and markets integrated and semiconductor image-sensor devices.
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