Fly News Breaks for January 11, 2017
HIMX
Jan 11, 2017 | 07:07 EDT
As previously reported, Roth Capital analyst Suji De Silva downgraded Himax to Neutral from Buy and lowered his price target on the shares to $6 from $10 as he believes near-term visibility has diminished and near-term profitability will be more challenging. While the analyst had previously modeled a healthy bump for the company's emerging microdisplay opportunity, he now believes that key customers are delaying these projects indefinitely. Further, De Silva still expects operating expenses to increase in support microdisplay manufacturing, causing a "significant" amount of negative leverage to profit estimates. Competition has increased in this space, resulting in lower visibility for future ramp prospects, he adds.
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