A history of growth opportunities not panning out coupled with a deteriorating core business make shares of Himax Technologies overvalued, Oppenheimer analyst Andrew Uerkwitz tells investors in a research note titled "Deja Vu All Over Again?" The analyst notes that his channel checks are inconclusive regarding near-term Diffractive Optical Element design wins. "To be generous," Uerkwitz models an Apple (AAPL) design win. He believes, however, that Himax is not well positioned competitively to be a primary player in this space for the Android segment beyond basic components such as DOE. The analyst reiterates an Underperform rating on Himax with a $4 price target. The shares closed yesterday at $11.09.