SANTA CLARA, Calif. (
) -- Shares of mobile camera specialist
surged on Friday on the strength of blow-out third-quarter results and bullish guidance.
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
OmniVision, with competes with
, 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
, although the firm is tight-lipped on the subject of individual customers.
Written by James Rogers in New York.
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