UPDATE: Raymond James Upgrades OmniVision Technologies On Potential Sale
In a report published Friday, Raymond James analyst Hans Mosesmann upgraded the rating on OmniVision Technologies (NASDAQ: OVTI) from Underperform to Market Perform.
In the report, Raymond James noted, “We are upgrading OmniVision to Market Perform from Underperform considering the pending acquisition by a Chinese group led by Hua Capital Management for $29 per share. While shares have benefited from the strong offer (since August 14), some concern has been raised regarding potential pushback by the Committee of Foreign Investment in the U.S. (CFIUS) given the composition of the investor group (including a state-owned LLC). As such, there is considerable uncertainty surrounding the deal, and our view of the underlying business trends remains unchanged. Should the transaction not be completed, we would expect multiple contraction given the ongoing mix-shift toward lower-end markets/devices (China + India).”
OmniVision Technologies closed on Thursday at $27.18.
Latest Ratings for OVTI
|Dec 2014||Northland Securities||Downgrades||Buy||Market Perform|
|Aug 2014||Oppenheimer||Maintains||Market Perform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.