Himax Technologies falls on stock downgrade

Himax Technologies

12/07/2019 14:24

** Shares  HIMX.O  down 1.5% at $3.30 premarket - on track
for a third straight session of losses
    ** Roth Capital Partners downgrades stock to "neutral", cuts
PT to $3.50 from $5 and says recent macro, smartphone demand and
3D sensing competitive updates are hampering co's near-term
growth opportunity
    ** HIMX has not yet secured 3D sensing traction beyond its
lead flagship smartphone customer, despite being involved in
multiple competitive evaluation processes - Roth
    ** Brokerage also believes that large panel demand from the
Asia supply chain is also slowing due to the same weakening
macro demand conditions, particularly in China
    ** 1 of 6 brokerages rate the stock "buy", 5 "hold"; their
median PT is $3.75
    ** Stock down ~2% YTD. It fell 67% in 2018

 (Reporting by Vibhuti Sharma in Bengaluru)
 ((RM: vibhuti.sharma.thomsonreuters.com@reuters.net))