Oppenheimer Remains Sidelined on Himax Technologies (HIMX) Following Positive 2Q

August 12, 2016 8:57 AM EDT
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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
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Oppenheimer reiterated a Perform rating on Himax Technologies (NASDAQ: HIMX) following the company's 2Q earnings report. Total 2Q16 revenues were up 12% Y/Y. Small-/mid-sized driver sales up 9% Y/Y and 14% Q/Q. HIMX reported non-GAAP EPS of $0.12 vs. the Street's $0.10.

Analyst Andrew Uerkwitz commented, "HIMX reported 2Q16 revenue/non-GAAP EPS of $201.1M/$0.12 vs. the Street's $199.2M/$0.10E and our $199.2M/$0.09. 3Q EPS guidance is slightly ahead of consensus and gross margin is guided up Y/Y. Large-sized driver IC continues to benefit from growing capacity in China while small/mid driver IC growth was driven by strong performance of its Chinese smartphone customers. Management reiterates its confidence on strong non-driver segment performance expecting 35-40% Y/Y in 2016 due to an expanding AR-related customer pipeline. We take a more conservative outlook for the near-term potential of AR, as end market demand for AR headsets still appears lukewarm. Combined with concern over the sustainability of driver IC growth (primarily driver IC for smartphones), we choose to stay sidelined for now. Reiterate Perform."

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 $8.87 yesterday.

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