Himax downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Himax (HIMX) to Equal Weight from Overweight with an unchanged price target of $8. The firm says weaker computer, smartphone and auto demand, in addition to gross margin pressure and a lack of new growth drivers will weigh on the display driver integrated circuit vendors. Rising memory costs will add to the headwinds, driving further downside in PCs, smartphones and autos, the analyst tells investors in a research note.