Boston, MA 08/06/2014 (wallstreetpr) – Just a few days ahead of the announcement of the financial results for the second quarter, shares of display IC products maker Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) were upgraded by at least two brokerages. The price objective was also revisited by a brokerage. The company is planning to announce its results on August 7 before the market opens.
Rating Of Stock
Investment advisor Bank of America had lifted its rating to Buy from Neutral on the shares of Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) on Tuesday. The brokerage had also boosted its price target to $7.60 from $7.00 projected by it earlier. As a result, the stock advanced 4.68% to close the regular trading session at $6.71 on Tuesday. The revised price tag indicates that the stock still has the potential to record over 13% upside even after Tuesday’s gain.
Similarly, Lake Street Capital had also upgraded its rating on the company’s stock to Buy from Hold. However, it had not given any changes in the price target of the shares.
Currently, seven analysts were in favor of a Buy rating while three preferred to have a Hold rating, and one analyst had advised Sell. The consensus rating among the analysts’ is Buy with the average price objective of $10.93.
Expectations On 2Q
Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) has slated to announce its results on August followed by a conference call at 8 a.m. EDT to discuss the results with the investors’ and the analysts’. On average, Wall Street analysts’ are expecting the company to deliver earnings of 14 cents a share on revenue of $194.95 million for the second quarter. It meant that they were expecting earnings to record an uptick of 27.3% despite estimating revenue de-growth of 5.8%.
While the highest earnings prediction among the analysts’ were 14 cents a share, their lowest estimation was 13 cents a share. Similarly, their highest revenue projection was $196.5 million and the lowest was $194.0 million. It indicated that even their highest estimation was below the year-ago sales of $206.96 million.
