Why OmniVision Technologies (OVTI) Stock Is Soaring Friday

NEW YORK (TheStreet) -- OmniVision Technologies (OVTI) stock is popping Friday after the company reported better-than-expected revenue and profits in its year-ending quarter. 

By market open, shares had surged 12.6% to $22.67.

In its April-ending quarter, the company earned 36 cents a share, a dime over what analysts surveyed by Thomson Reuters expected. Sales of $331 million exceeded estimates of $292.1 million. 

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TheStreet Ratings team rates OMNIVISION TECHNOLOGIES INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:

"We rate OMNIVISION TECHNOLOGIES INC (OVTI) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and good cash flow from operations. We feel these strengths outweigh the fact that the company shows low profit margins."

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