J.P. Morgan Raises OmniVision PT To $35

OmniVision Technologies, Inc. (NASDAQ: OVTI) beat J.P. Morgan's above-consensus F2Q11 forecast, reporting PF EPS of $0.58 on record revenue of $239.5 million (JPM prior est $0.54/$238mm, Street $0.53/$232mm), up 25% q/q and up over 30% y/y.

“OVTI sold 185 million sensors at an ASP of $1.29 (JPM prior est 159mm @ $1.50) with a mix shift back to VGA. 60% of sales were into the handset market,” J.P. Morgan writes. “Despite the mix shift to VGA, gross and operating margins improved again, owing to differentiated product (even within VGA) and improving BSI-1 yield.”

J.P. Morgan has raised its PT to $35.

OmniVision currently trades at $28.29.