JP Morgan: OVTI Reports Strong FQ1 Results
Analysts at JP Morgan reiterate their "overweight" rating on OmniVision Technologies (NASDAQ: OVTI), while raising their estimates for the company. The target price for OVTI has been raised from $27.50 to $29.50.
According to JP Morgan, “OVTI posted strong F1Q11 earnings on the back of mix shift towards higher-MPx products, offset by lower unit volume due to temporary demand softness in Asia, since corrected. F2Q guidance was very strong, ahead of expectations in all respects. Ramping MPx shipments, based on the OmniBSi platform, are driving up ASPs and a substantial improvement in both yield and gross margins.”
JP Morgan has raised its EPS estimates for FY11 and FY12 from $1.15 to $1.64 and from $1.13 to $1.46, respectively.
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