UPDATE: Bank Of America Upgrades Himax Technologies Following Price Correction
In a note released earlier Tuesday morning, Bank of America analyst Daniel Heyler upgraded shares of Himax Technologies (NASDAQ: 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.
Latest Ratings for HIMX
|Mar 2017||Morgan Stanley||Upgrades||Underweight||Equal-Weight|
|Feb 2017||Northland Securities||Upgrades||Market Perform||Outperform|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.