Himax Technologies (HIMX) Receives a Sell from Oppenheimer

By Austin Angelo

In a report released today, Andrew Uerkwitz from Oppenheimer maintained a Sell rating on Himax Technologies (NASDAQ: HIMX), with a price target of $4. The company’s shares closed yesterday at $6.62, close to its 52-week low of $5.97.

Uerkwitz wrote:

“HIMX delivered in-line 2Q18 results but 3Q guidance did not provide the normal seasonal uptick the Street expected. Management attribute the shortfall to a temporary supply chain issue-DDIC foundry capacity is tight. As for 3D sensing, management’s comments regarding near-term outlook are incrementally more cautious—moving release date of phones with to 1H19. Overall, HIMX reiterated its confidence in its portfolio of 3D sensing solutions and suggested further capacity expansion in 2019. Our view is unchanged: we see downside risks to DDIC due to HIMX’s weaker competitive position and lack of growth potential from 3D sensing. We lower estimates and reiterate our Underperform.”

According to TipRanks.com, Uerkwitz is a 5-star analyst with an average return of 14.8% and a 62.1% success rate. Uerkwitz covers the Consumer Goods sector, focusing on stocks such as Turtle Beach Corp, Universal Display, and Electronic Arts.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Himax Technologies with a $9.13 average price target.

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Based on Himax Technologies’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $2.84 million. In comparison, last year the company had a GAAP net loss of $629.5K.

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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.