NEW YORK (TheStreet) -- Himax Technology (HIMX) shares are down -4.1% to $6.32 in pre-market trading after it was downgraded to "sell" from "neutral" by analysts at UBS AG (UBS) on Tuesday.
The firm also slashed the integrated circuit developer's price target to $5.60 from $13.70 based on weak Chinese television demand and slow progress on the non integrated circuit side of the company's business.
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TheStreet Ratings team rates HIMAX TECHNOLOGIES INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate HIMAX TECHNOLOGIES INC (HIMX) a BUY. This is driven by a number of strengths, 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 revenue growth, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share, reasonable valuation levels and increase in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."