Himax initiated with an Overweight at Morgan Stanley

Morgan Stanley initiated coverage of Himax (HIMX) with an Overweight rating and $8.80 price target Himax is expanding its non-driver integrated circuit business by tapping the growing cloud AI and edge AI markets, the analyst tells investors in a research note. The firm says this bodes well for the company’s growth and margin expansion. It expects rising OLED penetration in LDDI and autos to drive Himax’s sales growth.