Despite The Near-Term Air Pocket in AR; Himax (HIMX) Remains a Growth Stock - Baird
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Baird analyst, Tristan Guerra, reiterated his Outperform rating on shares of Himax Technologies (NASDAQ: HIMX) on multiple short- and medium-term growth opportunities including AR, 3D sensing, OLED, and TDDI.
The company announced 3Q16 GAAP EPS of $0.08, at the high end of the guidance range of $0.06 to $0.08. Revenue for 3Q16 of $218.1 million was up 8.5% sequentially and above the mid-point of guidance range of $211.2-$221.2 million. Gross margin for 3Q16 was 25.6%, down 50bp sequentially and 50bp lower than the guidance of 26.1%.
The AR adoption will likely be slow near term but he views AR as one of the largest growth and content new device opportunities in the medium-term as the ecosystem builds and pricing comes down, with Himax uniquely positioned from a supplier standpoint. 3D sensing is also expected to experience significant adoption in smartphones medium term.
No change to the price target of $10.
Shares of Himax Technologies closed at $7.32 yesterday.
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