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Morgan Stanley Gives The Thumbs Up to Himax Technologies, Inc. (ADR) (HIMX)

Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) is on watch after Morgan Stanley upgraded the stock to ‘Overweight’ from ‘Equal Weight’ and set a price target of $11.50 per share, up from the previous $8. The investment bank’s upgrade today follows a similar upgrade earlier this month from Roth Capital, whose analyst upgraded Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) to ‘Buy’ from ‘Neutral’ and set a $10 price target, up from his previous $7.

Wall Street is optimistic on Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) due in part to the expectation that the company will be able to capture some of the 3D sensing opportunity that will purportedly be unleashed in the next generation of smartphones. In particular, analysts at Mizuho think Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) might be one of the companies whose tech (as it relates to diffractive optical elements) might enable 3D sensing in the iPhone 8 (if it does indeed have 3D sensing).

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What Does The Smart Money Sentiment Say?

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).

According to our data, elite funds weren’t as bullish on Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) in the fourth quarter as they were in the third quarter. Of the 742 top funds in our database, 17 were long Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) at the end of the fourth quarter, down 9 funds from the previous quarter. Among the funds that cut their stakes include David Halpert‘s Prince Street Capital Management, which trimmed its holdings by 74% to 1.5 million shares, and Ken Hahn‘s Quentec Asset Management, which cut its stake 71% to just under 700,000 shares at the end of 2016.

The Bottom Line

Wall Street is giving the thumbs up to Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) due to the stock’s strong rally in recent weeks, and due to the company’s potential 3D sensing opportunity.


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