Wedbush Lowers Price Target On OmniVision Technologies To $38

According to Wedbush, OmniVision Technologies OVTI price target is lowered to $38. Wedbush said that it reiterates its OUTPERFORM rating on OmniVision (OVTI), and it is reducing its PT to $38 from $45 largely on multiple compression and a modest change to the estimates ahead of the company's FQ1 (Jul) results set to be reported AMC on Thursday, August 25. “Reiterate OUTPERFORM and reducing PT to $38. Our new 12-month PT of $38 from $45 is based upon about 10x (from 12x) our CY:12 pro forma EPS estimate of $3.05 (from $3.14), plus $7.59 in cash per share.” OmniVision Technologies closed yesterday at $26.01.