Himax Technologies, Inc. Falls 2%, Lake Street Raises Price Target

Lake Street Capital Markets reiterated a Buy rating and raised the price target from $8.50 to $12 for Himax Technologies, Inc. HIMX in report issued Wednesday.

Analyst Jaeson Schmidt noted that recent checks with other suppliers "give us increased confidence that Himax’s display driver business will see continued strength throughout this year and next."

The report also mentioned that the pipeline for Himax product lines "should not only position this business to be a more meaningful contributor in 2015, but also shift the narrative to the higher margin, growing opportunities within the non-driver segment."

Schmidt concluded that "as investor focus moves to these product lines, we think shares could see significant multiple expansion."

Himax Technologies, Inc. recently traded at $9.21, down 2.23 percent.