UPDATE: Oppenheimer Initiates Himax Technologies at Outperform on Strong Display Opportunities

In a report published on Wednesday, Oppenheimer analyst Andrew Uerkwitz initiated coverage on Himax Technologies HIMX with a rating of Outperform and a price target of $9.

In the report, Oppenheimer stated, "The company is well positioned to supply in high volume the growing need for complex display technologies used in smartphones, tablets, TVs, and the burgeoning market of wearable computing devices. It is growing a diversified revenue based on adding new customers and expanding its product portfolio—large- sized driver ICs accounted for 41% of 2012 revenues, down from 72% in 2009."

Himax Technologies closed on Wednesday at $6.66.