Oppenheimer Comments on OmniVision 4Q11 Results

OmniVision's (NASDAQ: OVTI) 4Q11 results topped Street expectations “on both the top and bottom line thanks to an ongoing mix shift toward higher value BSI sensors and a concurrent rise in gross margins,” Oppenheimer reports.

“While revenue guidance for the July quarter was merely in line, we believe the culprit is the slight (and well advertised) pushout of the iPhone 5,” Oppenheimer writes. “As such, we expect revenue momentum to make a strong comeback in the October quarter and would take advantage of any near-term pullback. Valuation (10x NTM NOPAT plus cash) of this strong secular story remains exceedingly attractive, in our view.”

OmniVision closed Thursday at $36.42.