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Technology Stocks : OmniVision Technologies (OVTI)

OVTI 29.38

0.0%

Jan 29 4:00 PM EST

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From: straight life	11/26/2004 9:51:36 PM
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Forbes re-hash of WF: OmniVision Technologies (nasdaq: OVTI - news - people ) will announce second-quarter earnings on Tuesday. The maker of chip image sensors is expected to report earnings of 24 cents per share and revenue of $86 million, compared with year-ago earnings of 20 cents per share and revenue of $69 million. Earlier this week, Wells Fargo Securities downgraded OmniVision to "hold" from "buy" and said industry forecasts for camera phones are lower than previously expected as competition weighs on 2005 growth prospects. "We have become concerned by comments from both OmniVision and Micron executives about camera phone unit sales in coming years," it said. "We also believe that OmniVision's lead in image sensor technology may begin to erode in the first half of 2005. We view ST Microelectronics' (nyse: STM) return to the megapixel market and Micron Technology's (nyse:MU) announced product improvements increasing the competitiveness of future design wins in cell phones and digital cameras." The research firm said fair value for OmniVision shares is approximately $18. forbes.com

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