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UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Himax Technologies on Tweaked EPS

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UPDATE: Bank Of America Upgrades Himax Technologies Following Price Correction

In a report published Friday, Bank of America reiterated its Buy rating on Himax Technologies (NASDAQ: HIMX), and slightly raised its price target from $3.35 to $3.80.

Bank of America noted, “We are tweaking our 2013/14E EPS by 1.9%/2.9% to US$0.35/US$0.36 on its 4Q12 beat. Target P/E goes from 9.9x to 11.0x due to improving product-cycle visibility and OP margin. The uptick in higher-ASP mobile display-driver ICs (DDI) coupled with tight cost control help lift our OPM by 0.7ppt/1.3ppt in 2013/14 to 23.2% and 22.9%, respectively. We expect to see HIMX generate 12%/15% ROOC in 2013/14 yet the stock trades on only 0.7x EV/OC.”

Himax Technologies closed on Thursday at $2.83.

Latest Ratings for HIMX

DateFirmActionFromTo
Aug 2014Bank of AmericaUpgradesUnderperformBuy
Aug 2014Lake Street CapitalUpgradesHoldBuy
Jun 2014UBSDowngradesNeutralSell

View More Analyst Ratings for HIMX
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Price Target Analyst Ratings

 

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