UPDATE: Wedbush Lowers PT to $24 on OmniVision Technologies

A report from Wedbush reiterates its Outperform rating and lowers the price target from $30 to $24 on OmniVision Technologies

. In the report, Wedbush writes, “We view any weakness in the stock today as an opportunity for investors to build positions as we believe shares remain undervalued given that (1) OVTI will likely split iPhone 4S with Sony, (2) OVTI remains the sole-source supplier to iPhone 4, iPhone 3GS, iPad 2, and iPod Touch, and (3) Apple isn't the only Tier 1 handset OEM or end market to which OVTI is a leading supplier of sensors." OVTI closed Friday at $15.85.