Himax Technologies (HIMX) PT Raised to $12 at Nomura

September 2, 2016 6:30 AM EDT
Get Alerts HIMX Hot Sheet
Price: $5.45 -0.18%

Rating Summary:
    5 Buy, 10 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
Trade HIMX Now!
Join SI Premium – FREE

Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.

Nomura Securities analyst Donnie Teng reiterated a Buy rating and bumped his price target on Himax Technologies (NASDAQ: HIMX) to $12.00 (from $9.70) citing better pricing on LCOS and WLO.

commented, "Himax has received some positive pricing adjustment for its LCOS (liquid crystal on silicon) and WLO (wafer level optics) for a major AR (augmented reality) device recently. We believe that this is largely because the AR device shipments fell short of market expectations early this year, thus Himax has been able to negotiate better pricing for 2H16 to 2017 at its major AR customer, given the heavy resources Himax has invested in developing the project. With the pricing adjustment, we think Himax’s 3Q sales could reach the higher end of guidance and 2017F earnings could have upside risk. In addition, Himax will try to provide more cost effective LCOS and WLO products for a possible consumer version of the major AR device in 2018, which could trigger higher demand. Thus, we raise our TP from USD9.7 to USD12, based on a target P/E of 18x and our revised 2018F EPS forecasts of USD0.67 (previously USD0.54). "

For an analyst ratings summary and ratings history on Himax Technologies click here. For more ratings news on Himax Technologies click here.

Shares of Himax Technologies closed at $10.23 yesterday.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS Change, Analyst PT Change

Related Entities

Nomura, Earnings

Add Your Comment