Nomura Downgrades Himax (HIMX) to Neutral on Lower AR Shipment Forecasts
- Wall Street dips as investors ready for Trump's inauguration
- Western Union (WU) Admits Anti-Money Laundering and Consumer Fraud Violations, Forfeits $586M in Settlement
- Netflix, Inc. (NFLX) Tops Q4 EPS by 1c; Subs Beat Views
- Apple (AAPL) PT Raised to $140 at BofA/Merrill Lynch; iPhone 8 Will be 'Super-Long' Cycle
- Morgan Stanley Upgrades Tesla Motors (TSLA) to Overweight
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Nomura Securities downgraded Himax Technologies (NASDAQ: HIMX) from Buy to Neutral with a price target of $10.20 (from $12.00) on lower AR shipment forecasts.
Analyst Donnie Teng commented, "Upon raising our TP in our 2 September report “Himax (HIMX US, Buy) - Better pricing on LCOS and WLO”, we indicated that Himax has received some positive pricing increases for its LCOS (liquid crystal on silicon) and WLO (wafer level optics) for its major AR (augmented reality) device. But according to our checks recently, the potential upside may be offset by the weaker shipments for the major AR device, as more meaningful volume for the device may not take off until 2H17. Thus, we cut our TP from USD12 to USD10.2, based on a target P/E of 18x and our revised 2018F EPS forecast of USD0.57 (previously USD0.67), and cut our rating from Buy to Neutral, as: 1) there is not enough upside to sustain our previous Buy rating and TP, especially as shipments may disappoint again and the stock is at 26x 2017F P/E now; 2) we believe Himax is still a good proxy to the long-term AR story, as we mentioned in our upgrade report “Himax (HIMX US, Buy) - Better riskreward after expectation reset” on 5 July."
Shares of Himax Technologies closed at $10.73 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Credit Suisse Downgrades Himax Technologies (HIMX) to Neutral
- Netflix (NFLX) PT Raised to $165.00 at Oppenheimer
- UPDATE: SunTrust Starts FLIR Systems, Inc. (FLIR) at Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades, Hot Downgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!