Wedbush Cuts Price Target on OmniVision (OVTI), Provides Sensors for New iPhone 4S Camera
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Price: $29.38 --0%
Rating Summary:
2 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
2 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush is maintaining its Outperform rating on shares of OmniVision Technologies (NASDAQ: OVTI) and is lowering its price target from $33 to $30.
The firm highlights that Apple's (Nasdaq: AAPL) new iPhone 4S new 8MP camera has pixel dimensions of 3264x2448. While many analysts at this time believe that Sony (NYSE: SNE) is supplying Apple with the sensor needed, Wedbush notes that Sony doesn't have a senso with that capability while OmniVision’s OV8812 and OV8830 have the same dimensions as Apple announced.
Wedbush comments, "While we believe the ramp of the iPhone 4S is a significant positive for OVTI, we think OVTI is not immune to the challenging macro given its high exposure to the consumer and our industry checks that suggest a broad weakness likely impacting the typical lift from Q4 seasonality that could potentially persist into 1H of CY:12."
For 2012, Wedbush is cutting its EPS and revenue estimates from $2.44 and $1.08 billion to $2.28 and $1.05 billion. For 2013, the firm reduced its estimates from $2.52 and $1.16 billion to $2.22 and $1.1 billion.
For more ratings news on OmniVision Technologies click here and for the rating history of OmniVision Technologies click here.
Shares of OmniVision Technologies closed at $15.08 yesterday.
The firm highlights that Apple's (Nasdaq: AAPL) new iPhone 4S new 8MP camera has pixel dimensions of 3264x2448. While many analysts at this time believe that Sony (NYSE: SNE) is supplying Apple with the sensor needed, Wedbush notes that Sony doesn't have a senso with that capability while OmniVision’s OV8812 and OV8830 have the same dimensions as Apple announced.
Wedbush comments, "While we believe the ramp of the iPhone 4S is a significant positive for OVTI, we think OVTI is not immune to the challenging macro given its high exposure to the consumer and our industry checks that suggest a broad weakness likely impacting the typical lift from Q4 seasonality that could potentially persist into 1H of CY:12."
For 2012, Wedbush is cutting its EPS and revenue estimates from $2.44 and $1.08 billion to $2.28 and $1.05 billion. For 2013, the firm reduced its estimates from $2.52 and $1.16 billion to $2.22 and $1.1 billion.
For more ratings news on OmniVision Technologies click here and for the rating history of OmniVision Technologies click here.
Shares of OmniVision Technologies closed at $15.08 yesterday.
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