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Baird analyst Tristan Gerra lowered his price target on Himax Technologies (NASDAQ: HIMX) to $10.00 (from $12.00) on a lower AR revenue outlook near term. The firm maintained an Outperform rating.
Himax appears to face renewed unit weakness at a key AR customer, which affects the firm's 4Q16 and 2017 forecast, Gerra.
In addition, initial strength in iPhone7 shipments could increase the potential of an inventory correction in the China smartphone supply chain in 1H17, in their view.
"Himax's fundamentals (high barriers of entry, multiple growth drivers including AR/VR, HUD, 3D sensing) remain intact, leading us to maintain our Outperform rating," the analyst said.
The firm cut FY 2016 EPS from $0.46 to $0.45 and FY 2017 EPS from $0.60 to $0.50.
Shares of Himax Technologies closed at $10.73 yesterday.
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