Wedbush Lowers PT on OmniVision Technologies to $12

Wedbush Securities has lowered the price target on OmniVision Technologies OVTI from $14 to $12 and maintains its Neutral rating. In its report, Wedbush writes, "We expect top line results to be largely in-line with the negative pre-announcement on November 7 of down -23% to -21% Q/Q; however, we think broad based macro weakness, market share losses, and low yields will likely pressure FQ3 (Jan) guidance below Street expectations. While the stock has dropped 35+% vs. the S&P's 5+% since OVTI lowered its top line outlook, we are hesitant to recommend investors to try and catch this falling knife ahead of the print as we are concerned that a disappointing FQ3 guide could potentially push the stock even lower. We look for better visibility on (1) market share at handset OEMs, (2) BSI-2 ramp, and (3) consumer demand trends in 1H CY:12 to improve our view." OmniVision is currently trading down $0.13 from Wednesday's $10.91 closing price.