As previously reported, Macquarie downgraded Himax to Neutral from Outperform and cut its price target to $6 from $12. Analyst Lynn Luo cut Himax estimates to reflect low order visibility for its total solution saying its position has been undermined with the emergence of multiple 3D-sensing technologies and component suppliers, and smartphone companies looking for product differentiation. Luo said Himax's customer for SLiM 3D-sensing has pushed out the launch schedule due to a product re-design, and management now targets shipments in early 2019 versus late 2018. Also, Himax is working with smartphone makers on partial solution projects, but this revenue is expected to be much lower than a total solution, the analyst wrote in a note to investors.