Oppenheimer Raises OmniVision PT From $40 To $32

Oppenheimer reports that its recent channel checks in Asia leave us incrementally positive on OmniVision Technologies, Inc. (NASDAQ: OVTI).

“We believe the company's main challenge today is keeping up with demand, which is running well ahead of capacity,” Oppenheimer writes. “While capacity expansion will be limited through early 2011, we believe revenue momentum will re-accelerate mid-2011 as incremental BSI-2 capacity is added.”

Oppenheimer reiterates its Outperform rating while raising its PT to $40 from $32.

OmniVision closed Thursday at $30.98.