Wedbush Maintains a 'Neutral' on OmniVision Technologies (OVTI); Q1 Preview; Raising FY13/14

August 28, 2012 12:57 PM EDT
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Wedbush maintains a 'Neutral' on OmniVision Technologies (NASDAQ: OVTI) price target of $15.00.

Analyst, Betsy Van Hees, said, "We expect OVTI to report Q1 results on Thursday, August 30 in-line with our above Street estimates largely driven by strong tablet shipments. While we look for continued iPad (Nasdaq: AAPL) strength to off-set muted handset and PC seasonality likely driving FQ2 (Oct) top line guidance largely in-line with expectations, we are concerned that pro forma EPS outlook could fall short of Street estimates impacted by tempered gross margin from higher supply chain costs and product mix."

FY13 EPS estimate raised from $0.93 to $0.98 and FY14 from $0.82 to $0.85. FY13 revenues raised from $999.9M to $1.018B and FY14 from $987.7M to $992.4M.

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

Shares of OmniVision Technologies closed at $15.79 yesterday.

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