UPDATE: Oppenheimer Upgrades OmniVision Technologies to Outperform on Technological Edge

Oppenheimer raised its rating on OmniVision Technologies OVTI from Perform to Outperform with a $21 price target. Oppenheimer commented, "We note headwinds related to the competitive landscape and low gross margins; but with premium design wins and leading technologies we believe OVTI will remain a leader in the image sensor space. We expect market participants to lean heavily on this technology for differentiation." OmniVision Technologies closed at $15.63 on Thursday.