Canaccord Genuity maintains a 'Buy' on OmniVision Technologies (OVTI); Checks Indicate Incremental Softening
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Price: $29.38 --0%
Rating Summary:
2 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
2 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity maintains a 'Buy' on OmniVision Technologies (NASDAQ: OVTI) price target of $12.00.
Canaccord analyst, Bobby Burleson, said, "We are lowering our estimates and see risk to consensus estimates following checks that indicate a meaningful leg down in production for CQ1 versus prior expectations. We note broader headwinds for components in wireless and PC food chains (PAs, PC power management, MPUs) and see a negative read through for OVTI. Nevertheless, we maintain our BUY rating based on inexpensive valuation and potential for revenue recovery CQ2 onward, while cautioning shares could lag semis near term."
Burleson cuts estimates as follows: Revenue: Q4/C11E lowered from $170.0 million to $161.5 million; C2011E lowered from $922.3 million to $913.8 million; C2012E from lowered from $726.0 million to $655.6 million. EPS: Q4/C11E lowered from $0.11 to $0.07; C2011E lowered from $2.01 to $1.98; C2012E lowered from $0.82 to $0.50.
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 $11.79 yesterday.
Canaccord analyst, Bobby Burleson, said, "We are lowering our estimates and see risk to consensus estimates following checks that indicate a meaningful leg down in production for CQ1 versus prior expectations. We note broader headwinds for components in wireless and PC food chains (PAs, PC power management, MPUs) and see a negative read through for OVTI. Nevertheless, we maintain our BUY rating based on inexpensive valuation and potential for revenue recovery CQ2 onward, while cautioning shares could lag semis near term."
Burleson cuts estimates as follows: Revenue: Q4/C11E lowered from $170.0 million to $161.5 million; C2011E lowered from $922.3 million to $913.8 million; C2012E from lowered from $726.0 million to $655.6 million. EPS: Q4/C11E lowered from $0.11 to $0.07; C2011E lowered from $2.01 to $1.98; C2012E lowered from $0.82 to $0.50.
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 $11.79 yesterday.
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