Brean Capital Maintains Hold on Himax Technologies, Inc. (ADR); Adjusts Estimates
In a research report issued today, Brean Capital analyst Mike Burton maintained a Hold rating on Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) with a fair value target ranging from $5.00 – $8.30.
Burton noted, "Following numerous checks into the mobile supply chain and getting a chance to catch up with the Company, we are adjusting down our estimates for HIMX to reflect their previous quarter and outlook. We expect Q1 results to come in at the low end of guidance although softness in the China mobile market will likely bolster GMs, partially offsetting the drop in revenue. We expect weakness to continue into Q2. We are updating our model and adjusting our fair value range down to account for lower guidance and intensifying competition in mobile."
According to TipRanks.com, which measures analysts' and bloggers' success rate based on how their calls perform, analyst Mike Burton has a total average return of 22.2% and a 72.1% success rate. Burton is ranked #116 out of 3564 analysts.