UPDATE: Oppenheimer Reiterates Outperform for OmniVision Technologies Based on Future Growth Prospects in China

In a report published on Monday, Oppenheimer analyst Martin Yang reiterated Outperform for OmniVision Technologies OVTI with a 12-18 month price target of $21.00. In the report, Yang noted, "Our checks indicate the mid-end to high-end smart phone market, particularly in China, is seeing faster growth than we had originally modeled. Thus we raise our FY14 model as we as see upside going into the quarter print—May 30th next week. For the near/medium term we believe OVTI is best positioned to capture the majority of rear camera slots in emerging markets such as China. OVTI offers superior performance for value and has not yet met much competition in the 5M and 8M category from emerging low-cost competitors." OmniVision Technologies closed on Monday at $14.37.