Oppenheimer Calls Omnivision (OVTI) Shares Extremely Cheap With or Without iPhone 4S Inclusion

An analyst at Oppenheimer believes shares of OmniVision Tech. (Nasdaq: OVTI) are “very cheap” following recent volatility amid the teardown of the iPhone 4S.

The firm argues traders are not fully pricing in potential moving forward whether or not Omnivision supplies Apple (Nasdaq: AAPL) with image sensor for its new iPhone 4S.

Oppenheimer is reaffirming its Outperform rating and $35 price target on shares of OmniVision citing, besides the iPhone 4S expectations, the company’s cash reserves, low P/E ratio, and growing applications.

OmniVision shares are down 1 percent to $15.78 Monday afternoon. The stock plunged more than 9 percent on Friday.

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