UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Himax Technologies on LCOS Turning Point

In a report published Monday, Bank of America analyst Daniel Heyler reiterated a Buy rating on Himax Technologies

, and raised the price target from $3.80 to $8.00. In the report, Heyler noted, “Himax appears well-positioned to grow its earnings rapidly over the next 2-3 years after a multi-year decline. We think improved tech and better execution should capture growth in three areas (1) mobile display ICs, (2) large panel display ICs (driven by a better market), and (3) new products (LCOS, image sensors, timing controllers, and touch-screen ICs). Its LCOS technology appears to ready to ramp in late 2013 and 2014, including near-eye displays, game and mobile projection.” Himax Technologies closed on Friday at $5.39.