Lazard Capital Lowers PT on OmniVision Technologies to $27

Lazard Capital Markets has published a research report on OmniVision Technologies OVTI and has lowered the price target from $37 to $27. In the report, Lazard Capital writes, "Despite the Apple AAPL issues, we believe that the stock is a BUY as: 1) If we take out all of Apple revenues, the stock is trading right now at 6x forward P/E ex-cash ($10 a share) and this includes the highly unlikely scenario that Omnivision doesn't shift that capacity to different customers which have been supply constraint; 2) Based on our Base case which assumes a conservative 50% share split Omnivision is trading at 3x forward P/E ex-cash. We therefore believe that the st is taking the highly unlikely view that OVTI loses all the Apple business and therefore see upside for the stock from these levels. " Lazard Capital maintains its Buy rating on OmniVision Technologies, which closed Friday at $15.95.