Zacks Reaffirms Outperform Rating for OmniVision Technologies (OVTI)
OmniVision Technologies (NASDAQ:OVTI)‘s stock had its “outperform” rating reiterated by Zacks in a report issued on Friday. They currently have a $33.00 target price on the stock. Zacks‘s price target suggests a potential upside of 21.41% 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 and guidance was also encouraging. The company has a strong position in the mobile and automotive markets 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.”
Shares of OmniVision Technologies (NASDAQ:OVTI) traded down 0.55% on Friday, hitting $27.03. The stock had a trading volume of 792,586 shares. OmniVision Technologies has a one year low of $13.55 and a one year high of $28.34. The stock has a 50-day moving average of $24.11 and a 200-day moving average of $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.
A number of other firms have also recently commented on OVTI. Analysts at Craig Hallum raised their price target on shares of OmniVision Technologies from $23.00 to $29.00 in a research note on Friday. They now have a “hold” rating on the stock. They noted that the move was a valuation call. Separately, analysts at Oppenheimer reiterated a “market perform” rating on shares of OmniVision Technologies in a research note on Friday. Finally, analysts at Wedbush reiterated a “neutral” rating on shares of OmniVision Technologies in a research note on Friday. They now have a $28.00 price target on the stock, up previously from $27.00. One equities research 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. OmniVision Technologies presently has a consensus rating of “Hold” and a consensus price target of $24.77.
OmniVision Technologies, Inc (NASDAQ:OVTI) designs, develops and markets integrated and semiconductor image-sensor devices.
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