SANTA CLARA, Calif. (

TheStreet

) -- Shares of mobile camera specialist

OmniVision

(OVTI)

surged on Friday on the strength of blow-out third-quarter results and bullish guidance.

The

Apple

(AAPL) - Get Report

partner, whose technology is featured

within the iPhone 4

, blew past Wall Street's expectations on Thursday. OmniVision also offered up a positive outlook, saying it expects adjusted earnings between 57 and 70 cents a share. Analysts had forecast fourth-quarter earnings of 45 cents a share.

Investors responded warmly to the numbers and the company's shares climbed $6.38, or 26.75%, to $30.23, making OmniVision the

Nasdaq's biggest gainer

.

OmniVision, with competes with

ST Microelectronics

(STM) - Get Report

, has a very attractive valuation, according to analyst firm Gleacher & Company.

"We are hard-pressed not to believe OmniVision

market share is approaching the mid-30% market share level given another record quarter for units," explained Gleacher analyst Doug Freedman, in a note released on Friday. "We believe upside remains underestimated."

As a result, Freedman raised his 12-month price target for OmniVision shares to $45 from $39.

OmniVision has already been cited as

an attractive stock

on the strength of its image sensor technology, which may also appear in the

next version of Apple's iPad

, although the firm is tight-lipped on the subject of individual customers.

--

Written by James Rogers in New York.

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