Zacks Reiterates “Neutral” Rating for OmniVision Technologies (OVTI)
OmniVision Technologies (NASDAQ:OVTI)‘s stock had its “neutral” rating restated by Zacks in a report issued on Monday, Stock Ratings Network reports. They currently have a $16.00 target price on the stock. Zacks‘ price objective points to a potential downside of 0.62% from the company’s current price.
Zacks‘ analyst wrote, “OmniVision is an OEM of CMOS image sensors and support circuitry used within handsets, notebooks and other mass markets. Its second-quarter earnings beat the Zacks Consensus but guidance disappointed. The company has a strong position in the handset market and is also expanding into other areas. We like its product roadmap, growth prospects, strengthening position in the fast-growing Chinese market and management execution and believe that it will be able to deal with the short product life cycles and temporary slowdown in the computing and smartphone markets. However, the mix shift to higher-resolution sensors is likely to be offset by some inventory buildup, increased competition and price pressures in the near term. We therefore have a Neutral recommendation on OmniVision shares.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Cross Research initiated coverage on shares of OmniVision Technologies in a research note to investors on Monday. They set a “hold” rating on the stock. Analysts at JPMorgan Chase & Co. raised their price target on shares of OmniVision Technologies to $18.00 in a research note to investors on Wednesday, December 4th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $19.30.
Shares of OmniVision Technologies (NASDAQ:OVTI) opened at 16.10 on Monday. OmniVision Technologies has a 1-year low of $12.06 and a 1-year high of $20.48. The stock has a 50-day moving average of $14.85 and a 200-day moving average of $16.23. The company has a market cap of $895.0 million and a P/E ratio of 13.66.
OmniVision Technologies (NASDAQ:OVTI) last announced its earnings results on Tuesday, December 3rd. The company reported $0.60 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.43 by $0.17. The company had revenue of $397.20 million for the quarter, compared to the consensus estimate of $392.30 million. During the same quarter last year, the company posted $0.33 earnings per share. OmniVision Technologies’s revenue was up 1.8% compared to the same quarter last year. On average, analysts predict that OmniVision Technologies will post $1.73 earnings per share for the current fiscal year.
OmniVision Technologies, Inc (NASDAQ:OVTI) designs, develops and markets integrated and semiconductor image-sensor devices.
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