Brean Capital Remains Sidelined on Himax Technologies (HIMX) Following Solid 2Q
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Brean Capital reiterated a Hold rating on Himax Technologies (NASDAQ: HIMX) following the company's 2Q earnings report. HIMX reported revenue of $201.1M versus previous consensus of $198.6M. EPS was $0.115 vs. the Street at $0.10. For the September quarter, the company sees continued strong business trends and this caused the company to guide revenue to be up 5%-10% Q/Q. The midpoint of revenue guidance implies revenue of $216.2M vs. Street at $212.6M.
Analyst Mike Burton commented, "We are updating our estimates to account for Himax’s report and guidance given late last week. Himax’s June quarterly numbers were strong with revenue and EPS beating Consensus. In terms of forward guidance for the Sep-16Q, the company guided revenue above the Street, guiding revenue up an impressive 5-10% Q/Q. However, given the flattish to down margin trends, the company is expecting the mid-point of Sep-16Q EPS to be flat Q/Q at $0.12. While we see a lot of excitement around HIMX’s AR/VR ramp and believe the company is seeing some good Y/ Y growth in 4K TVs and smartphones, we are staying consistent with our Hold-rated view on shares of Himax. We look to get more positive on shares when we see an upside scenario that we believe will be triggered by additional content in the Oculus and upside from Hololens when this product starts to ramp meaningfully."
Shares of Himax Technologies closed at $9.92 yesterday.
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