In a note released earlier Tuesday morning, Bank of America analyst Daniel Heyler upgraded shares of Himax Technologies HIMX from Underperform to Buy and raised the price target from $7 to $7.60.
The upgrade comes following a "sharp" correction in the company's share price after reaching a high in April of $15.65.
Heyler said at the new level the risk-reward profile of the stock has turned favorable as he expects "strong" growth in Himax's core businesses in the second half of 2014 and into 2015.
Amid the upgrade, shares of Himax have received about a three percent bump in Tuesday's pre-market session.
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