Himax: Oppenheimer Report 'Inaccurate, Misleading'

In response to negative ratings by Oppenheimer analyst Andrew Uerkwitz, Himax Technologies, Inc. (ADR) HIMX told Benzinga Uerkwitz’s Friday report is “inaccurate and misleading.”

“This report does not represent the fact of our company at all,” Investor Relations representative Fang-Fei Lin said. “Our business is not only on track but also rebounded strongly reflecting market share gain.”

Lin promised a positive report on the upcoming second-quarter earnings call, which will discuss the firm’s initiated shipments of TDDI products and WLO/DOE 3D scanning components, as well as its intended launch of OLED shipments to major panel makers by the end of the year.

Related Link: Himax Could See Near-Term Sales Weakness Amid Order Slowdown From Chinese Handset OEMs

Management claimed not to have spoken to Uerkwitz in three months about its performance and progress, and Lin noted that the analyst had never before posted a price target on the stock.

“We question Andrew Uerwitz's intention to set up a low Target Price without facts, especially when Himax just declared dividend where investors only have one week to buy to get dividend,” Lin said. “He chose this time to publish a negative report with a ridiculous Target Price without talking to Himax management on the day we announce our EC date (which is earlier than the company's EC date in previous years) is also suspicious.”

The firm also rejected the accuracy of a recent negative report by Rosenblatt, asserting that management had not spoken to the analyst in more than three years.

At time of publication, Himax was trading at $7.55, down 5.74 percent on the day, but was starting to turn positive.