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

J.P. Morgan Chase & Co. is out with a research report on OmniVision Technologies OVTI and it lowered its price target to $36.50 from $41, but is keeping its Overweight rating on shares. In a note to clients, J.P. Morgan Chase & Co. writes, "OVTI reported F1Q12 results aligning with our estimates (excluding a tax benefit) but issued F2Q results well below expectations. The weak guidance reflects increasing macro uncertainty, particularly within notebooks and tablets. We do not believe the outlook reflects market share loss. We are lowering our FY12 estimates to factor in guidance and trimming FY13 estimates slightly. Our YE12 price target goes to $36.50 (from $41.00) based on a lower assigned multiple that we believe more appropriately factors in the macro outlook. We maintain our Overweight rating; however, investors might not be rewarded until the company reports earnings for the seasonally strong F3Q." Shares of OVTI are off $6.43 in pre-market trading to $18.35.