Wedbush Reports on OmniVision Tech

Wedbush commented on OmniVision Tech OVTI in a report released today. In the report, Wedbush was positive in its assessment of the company. Wedbush writes, " We recommend investors be opportunistic on any weakness in shares of OmniVision (OVTI) today and we recommend they build their positions following yet another beat and constructive FQ1 (Jul) guide of revenue in-line with typical seasonality as bottom line modestly exceeds expectations. We reiterate our OUTPERFORM rating and $45 PT as we continue to believe our investment thesis is playing out with OmniVision set to benefit from (1) Tier 1 OEMs' ramp of 8MP smartphones in 2H CY:11, (2) BSI-2 technology lead, (3) continued growth in emerging markets: entertainment, tablets, and automotive, and (4) leverage in the model from continual improvements in product mix to higher ASP and GM sensors driving strong Q/Q CFFO, earnings, and revenue growth." Wedbush has an Outperform rating on OmniVision and a price target of $45. Shares of Wedbush closed at $36.42, up from $36.06 at the opening bell.