Wedbush Raises Price Target on Omnivision Technologies (OVTI) Following FQ4 Results

Wedbush maintains a Neutral rating on OmniVision Technologies (NASDAQ: OVTI), and raised the price target to $29.00 (from $27.00), following FQ4. Pro forma EPS of $0.22 was slightly above Street expectations of $0.21. Revenue of $285.9MM was also above expectations of $280MM.

Analyst Betsy Hees commented, "FQ1 (Jul) guidance of pro forma EPS of $0.32 to $0.48 on revenue of $310MM to $340MM (up 8% to 19% Q/Q) at the midpoint ($0.40/$325MM) was above the Street ($0.33/$309MM) and our ($0.28/$304MM) estimates. OVTI is seeing some signs of a recovery in the China handset market and some mix shift towards higher resolution sensors, but noted that at this point, it was too early to tell if the recovery was sustainable or not. OVTI highlighted that while competition remains very intense, it is manageable. We are increasing our FQ1 and fiscal year 2016 estimates, following the better-than-expected guidance."

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 $27.11 yesterday.

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