Morgan Keegan Reiterates Market Perform on OmniVision Technologies, Raises PT to $34.50

Morgan Keegan reiterated its Market Perform rating on OmniVision Technologies OVTI. At the same time, Morgan Keegan raised its price target on the company from $34 to $34.50, after OmniVision's Q1 results managed to beat market expectations. In a research report published today, Morgan Keegan states, "We continue to remain on the sideline given its reliance on Apple and uncertainty if OVTI will remain the sole sourced provider of image sensors for the iPhone 5. Tweaking PT to $34.50." On Thursday, OmniVision added 0.61% to its value to close the day at $36.42. Its shares tumbled in today's pre-market trading, however, falling 5.85% to $34.29.