Wedbush Downgrades OmniVision Technologies (OVTI) to Neutral; Appears To Have Hit More Than Just a Speed Bump

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.

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