Wedbush Downgrades OmniVision Technologies (OVTI) to Neutral; Appears To Have Hit More Than Just a Speed Bump
Tweet Send to a FriendGet Alerts OVTI Hot Sheet
Price: $14.33 -1.24%
Rating Summary:
7 Buy, 5 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 8
Rating Summary:
7 Buy, 5 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 8
Trade OVTI Now!
Wedbush downgraded OmniVision Technologies (NASDAQ: OVTI) from Outperform to Neutral, price target cut from $24 to $14.
Wedbush analyst says, "OmniVision issued a press release yesterday lowering its FQ2 (Oct) revenue guidance range to -23% to -21% Q/Q growth, below the prior guidance range of -8% to 0% Q/Q primarily due to unexpected cutback in orders for OmniBSI and OmniPixel3-HS products with the company noting that it also has a “more cautionary outlook” for FQ3 (Jan). While we are encouraged with the Board of Directors’ approval of a $100MM stock buyback program, we were very disappointed by the big cut to FQ2 guidance ranges after already providing a disappointing outlook and the ramp of 8MP BSI-2. We are moving to the sidelines and recommend investors avoid shares."
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 $14.26 yesterday, with a 52 week range of $12.60-$37.05.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Wedbush analyst says, "OmniVision issued a press release yesterday lowering its FQ2 (Oct) revenue guidance range to -23% to -21% Q/Q growth, below the prior guidance range of -8% to 0% Q/Q primarily due to unexpected cutback in orders for OmniBSI and OmniPixel3-HS products with the company noting that it also has a “more cautionary outlook” for FQ3 (Jan). While we are encouraged with the Board of Directors’ approval of a $100MM stock buyback program, we were very disappointed by the big cut to FQ2 guidance ranges after already providing a disappointing outlook and the ramp of 8MP BSI-2. We are moving to the sidelines and recommend investors avoid shares."
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 $14.26 yesterday, with a 52 week range of $12.60-$37.05.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- UPDATE: JPMorgan Cuts SodaStream (SODA) to Neutral, 'Stock No Longer Cheap'
- Jefferies Downgrades First Republic Bank (FRC) to Hold
- HSBC Downgrades Carnival Corporation (CCL) to Neutral
Create E-mail Alert Related Categories
DowngradesRelated Entities
Stock Buyback
Login with Facebook
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!
