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Thursday, March 02, 2006


Removing Omnivision (OVTI) Coverage, Replaced in Top 5 Picks with INCY

Omnivision (OVTI) reported earnings for their fiscal Q3 of .53 vs. analyst expectations of .45. However, their outlook for Q4 calls for a sequential decline in revenue and earnings from Q3, with a 25% or more decline in earnings. In premarket trading, OVTI shares are down over $1 to $26.

Given OVTI's 36% rally in 2006 and their less-than-stellar outlook, we are removing OVTI from coverage. While OVTI may still rally strongly in the long term, the risk/reward ratio isn't nearly as attractive now as it has been in the past. We are replacing OVTI's spot as one of the top 5 picks for 2006 with INCY, which we added as a long-term pick on January 26 at just over $5.

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