Oppenheimer analyst Andrew Uerkwitz maintained a Sell rating on Himax Technologies (NASDAQ: HIMX) yesterday and set a price target of $4. The company’s shares closed yesterday at $6.95, close to its 52-week low of $5.97.
Uerkwitz commented:
“HIMX management offered a progressively more negative outlook on its 3D sensing solution (SLiM), expecting shipment by end of 2018 (end customer release in 1Q19) and phase 2 capex to be put on hold. We agree with management that high costs and a weak smartphone market caused the slower-than-expected adoption. HIMX believes its lower-cost stereo 3D solution will fare better in 2019; we are less optimistic until we see a compelling product demo or mass production plan. While 3D sensing expectation will be more grounded following 1Q18 results, we still see high near-term and mid-term risks in DDIC. HIMX is a not an established leader in faster growing segments (OLED DDIC and TDDI) that are cannibalizing its legacy products. We lower estimates and reiterate Underperform.”
According to TipRanks.com, Uerkwitz is a 5-star analyst with an average return of 15.9% and a 62.3% success rate. Uerkwitz covers the Consumer Goods sector, focusing on stocks such as Axon Enterprise Inc, Turtle Beach Corp, and Universal Display.
Himax Technologies has an analyst consensus of Hold, with a price target consensus of $7.
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The company has a one-year high of $13.95 and a one-year low of $5.97. Currently, Himax Technologies has an average volume of 3.14M.
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Himax Technologies, Inc. engages in the development and trade of semiconductors. It operates through the Driver Integrated Circuit and Non-Driver Products segments.