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OmniVision shares whacked by iPhone worries
Analysts say fears are overblown about loss of supply relationship
0 By Dan Gallagher, MarketWatch
SAN FRANCISCO (MarketWatch) — Shares of OmniVision Technologies plunged more than 30% on Friday after the chip-maker’s disappointing forecast caused worry among investors that it might lose some or all of its market share in the popular iPhone.


OmniVision makes imaging chips used in the iPhone 4 and other smartphones. OmniVision /quotes/zigman/82509/quotes/nls/ovti OVTI -31.19% , which makes chips used in digital cameras and webcams for PCs and smartphones, was last down $7.80 to $17.02 - a fresh 52-week low for a stock that had set a new decade-high above the $36 mark just three months ago.

The drop came after the company reported first fiscal quarter results late Thursday. Earnings more than doubled for the period ended July 31, but the company’s forecast came in below Wall Street’s estimates for the period.

OmniVision predicted earnings to come in the range of 52-64 cents a share with revenue between $255 million and $275 million for the current period, while analysts were expecting earnings of 81 cents a share on revenue of $306 million.

In a conference call, the company attributed the guidance to a longer development cycle on one of its product lines, as well as expectations for a weaker economy.

However, some analysts believe that OmniVision may lose at least some of its position in the up-coming model of the iPhone that is expected to launch later this year. Rajvindra Gill of Needham & Co. wrote in a note to clients that he believes Apple /quotes/zigman/68270/quotes/nls/aapl AAPL +2.17% is adding another source for imaging chips for the device.

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“It’s clear now that Apple is dual-sourcing its image sensors with Sony,” Gill wrote. “The question is it a straight 50-50 split, or something more?”

Betsy Van Hess of Wedbush Morgan disagreed, saying the guidance makes sense when one factors in a weakening PC market as well as some declines in the market for feature phones, which are seeing sales decline as wireless customers shift to smartphones.

“The conclusion that the bears are drawing is a loss of the pole position at Apple, with that going to Sony,” Van Hess said in an interview Friday. “We obviously don’t believe that is the case, as the guidance would be considerably worse.”

While several analysts trimmed back their price targets on the stock Friday — pushing the median target to $32 from $41.50 — all maintained their ratings on the shares, with 80% of the brokers rating the stock as a buy.

“Our checks show that Sony lacks the capacity to supply Apple this year and OmniVision remains the supplier,” wrote Daniel Amir of Lazard Capital.

Included in the buy ratings was Gill of Needham, who wrote that he believes the company will retain a strong supply relationship to the iPhone, making the stock a good buy at its current levels.

“With the shares now reflecting a material market share loss to Apple, we believe the bear case has played out,” he wrote.