This is interesting Mr. Shaughnessy asks "Why the Downgrade?" and then neglects to answer the question. Because, he says:
"The report quoted weaker projected LCoS and margin projections while raising 2015's estimated sales growth from 30% to 32.5%."
But why weaker LCOS demand?
Because the BOA note cited short battery life and poor performance in bright light situations. (see story below)
http://seekingalpha.com/article/2111433-himaxs-share-price-ride-is-bofa-merrill-lynch-to-blame
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