OmniVision set to regain smartphone market share, shares jump (Global Markets) - Shares of OmniVision Technologies Inc (OVTI.O) rose as much as 16 percent on Friday, as the camera sensors supplier recovered from a big contract loss with Apple Inc (AAPL.O) to forecast better-than-expected quarterly results.Stock Market Predictions
OmniVision, whose products are used in HTC Corp's (2498.TW) EVO and Motorola Mobility Holdings Inc's (MMI.N) Droid X, also reported strong third-quarter sales.
At least two brokerages raised their price targets on OmniVision's stock, saying the company was on track to recapture lost market share in the smartphone segment.
Robert W. Baird & Co, which has a "neutral" rating on the stock, said Apple's iPad could boost OmniVision revenue by 30 percent over the sensor maker's revenue from iPhone last year.
Strong demand for tablets during the holiday season drove shipment volumes during the third quarter, the company said on a post-earnings conference call with analysts on Thursday.
The company's 8-mega pixel camera sensors should be a major revenue and earnings drivers, said Canaccord Genuity, which rates the stock "buy."
Shares of Omnivision, which pioneered imaging sensors that use both sides of the chip to deliver better quality in a smaller-sized camera, rose to a four-month high of $18.60 on the Nasdaq.
(Reporting by Monika Shinghal in Bangalore; Editing by Don Sebastian)
0 comments:
Post a Comment