Wedbush Cuts Price Target on OmniVision (OVTI), Encourages Investors to Buy Now
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Price: $29.38 --0%
Rating Summary:
2 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 3 | Down: 6 | New: 3
Rating Summary:
2 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 3 | Down: 6 | New: 3
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Wedbush is reaffirming its Outperform rating on shares of OmniVision Technologies (NASDAQ: OVTI) while lowering its price target from $30 to $24.
Following the release of the iPhone 4S, analysts were able to determine that the 8MP version was equipped with Sony's (NYSE: SNE) image sensor, but the firm is not ruling OVTI as a co supplier. An analyst at the firm highlights, "if Sony was the sole supplier to the iPhone 4S that Apple would market the iPhone 4S with Sony’s higher specs."
Due to shares of OVTI trading at 57 percent discount to 52-weel high, versus the S&P 500 which has only fallen 11 percent over the same time, Wedbush believes investors should take advantage of the opportunity and increase their position in the company.
The firm reports that OVTI should continue to be sole supplier of image sensors for the iPhone 4, iPhone 3GS, iPad 2, and iPod Touch.
Wedbush is reducing its 2012 and 2013 EPS estimates from $2.28 and $2.22 to $2.14 and $1.82. The firm is also lowering its sales estimates for the two years from $1.05 billion and $1.1 billion to $1.02 billion and $1.003 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 $15.95 yesterday.
Following the release of the iPhone 4S, analysts were able to determine that the 8MP version was equipped with Sony's (NYSE: SNE) image sensor, but the firm is not ruling OVTI as a co supplier. An analyst at the firm highlights, "if Sony was the sole supplier to the iPhone 4S that Apple would market the iPhone 4S with Sony’s higher specs."
Due to shares of OVTI trading at 57 percent discount to 52-weel high, versus the S&P 500 which has only fallen 11 percent over the same time, Wedbush believes investors should take advantage of the opportunity and increase their position in the company.
The firm reports that OVTI should continue to be sole supplier of image sensors for the iPhone 4, iPhone 3GS, iPad 2, and iPod Touch.
Wedbush is reducing its 2012 and 2013 EPS estimates from $2.28 and $2.22 to $2.14 and $1.82. The firm is also lowering its sales estimates for the two years from $1.05 billion and $1.1 billion to $1.02 billion and $1.003 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 $15.95 yesterday.
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