Himax criticizes downgrade as 'inaccurate,' 'misleading' and 'suspicious'
In a statement provided to The Fly, Himax said, "The management have not spoken to the analyst Andrew Uerkwitz from Oppenheimer for three months. Thus, we believe his report recently issued on July 14, 2017 is INACCURATE and MISLEADING. This report does not represent the fact of our company at all. Our business is not only on track but also rebounded strongly reflecting market share gain. We will report positively on the 2Q17 earnings call. We have begun shipping TDDI products and most importantly, WLO/DOE 3D scanning component shipping has begun in June, and will accelerate for the remainder of 2017. Both products will contribute significant upside to our top and bottom lines in 2017. We also expect to launch OLED shipment to major panel makers before end of 2017. Andrew Uerkwitz NEVER had target price for the stock. We question Andrew Uerwitz's intention to set up a low Target Price without facts, especially when Himax just declared dividend where investors only have one week to buy to get dividend. He chose this time to publish a negative report with a ridiculous Target Price without talking to Himax management on the day we announce our EC date is also suspicious. In addition, we also have not spoken to Rosenblatt analyst for more than three years, therefore we do not believe his report accurately describes the company."