UPDATE: J.P. Morgan Lowering Price Target On OmniVision Technologies

J.P. Morgan is out with a research report on OmniVision Technologies OVTI and is lowering its price target to $41 from $43, but keeping its Overweight rating on shares. In a note to clients, J.P. Morgan writes, "We expect OVTI to report solid F1Q12 results on August 25th, and for guidance to support another record quarter in F2Q. We are introducing 2013 estimates with this note and establishing a December 2012 Price Target of $41, based on a multiple that reflects lower valuations across our coverage universe. The stock is in the grip of a bear thesis regarding loss of market share at tier 1 OEMs. We think the bear argument premature at best. We recommend buying this stock at this price level, and expect the stock to out-perform when investors return to risky assets." Shares of OVTI lost $1.25 on Friday to close at $23.31.