Kaufman Bros. Maintains a 'Hold' on OmniVision Technologies (OVTI); Raises Price Target & Estimates

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OVTI Hot Sheet

Rating Summary:
5 Buy, 5 Hold, 0 Sell

Rating Trend:

Up

Today's Overall Ratings:
Up: 20 | Down: 11 | New: 38

Kaufman Bros. maintains a 'Hold' rating on OmniVision Technologies, Inc. (NASDAQ: OVTI), raises price target from $12 to $17.

Kaufman analyst says, "With higher revenues and stable margins, OVTI guided to fiscal 2Q10 EPS of $0.10-$0.20, versus consensus expectations of $(0.04). We are raising our fiscal 2010 revenue projections to $585.1 million (+15% Y/Y) from $401.0 million (-21% Y/Y). We believe an increasing blended ASP (+3% Q/Q) for OVTI is indicative of improving traction in higher-end smart phone and notebook platforms, and we expect this trend to persist into the back half of the year. We are raising our fiscal 2010 EPS estimate to $0.31 from $(0.41). OVTI is currently trading at stock levels around $15.28, representing an EV/Sales of 0.7x on calendar 2010 revenues of $688 million (up from prior $430 million expectations). Excluding $5.41 net cash per share, OVTI is trading at 15.4x our new calendar 2010 EPS of $0.65 (up from $0.04). While we believe OVTI's competitive position and mix improvement opportunity remains intact, we believe this improvement is factored in at current levels."

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OmniVision Technologies, Inc. (OmniVision) designs, develops and markets semiconductor image-sensor devices.