InvenSense (INVN) Gains as Analyst Sees Big Samsung Galaxy S5 Win, Prospects for Apple (AAPL) iWatch

March 17, 2014 2:52 PM EDT Send to a Friend
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Price: $20.94 -0.85%

Rating Summary:
    13 Buy, 3 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 24 | Down: 13 | New: 40
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Shares of InvenSense (NYSE: INVN) are sharply higher Monday (+8.8%) after Baird analysts Tristan Gerra issued a bullish note on the company, saying they may have won nearly all of the Samsung Galaxy S5 business. The analyst reiterated an Outperform rating, raised estimates and raised his price target from $23 to $28.

"Raising our estimates and price target based on our belief InvenSense may have won nearly all of the Samsung Galaxy S5, higher than we had previously expected," Gerra said. "Additionally, we see InvenSense as well positioned to win a new tier-one smartphone OEM given its 6-axis performance advantage and as the company has solved prior packaging issues. The rise of wearable, Apple launching a smart watch this year, along with OIS, pressure sensors, and MEMS microphones, represent multiple growth opportunities for InvenSense."

Gerra also believes Apple (NASDAQ: AAPL) will launch a smart watch in the 2nd-half of this year with units reaching 5-6 million units this year. "We do not know who will supply the gyroscope, but InvenSense is currently well positioned in the smart watch market, in our view," the analyst said.

The firm's FY 2014 EPS goes from $0.52 to $0.59 and FY 2015 EPS goes from $0.65 to $0.75

For an analyst ratings summary and ratings history on InvenSense click here. For more ratings news on InvenSense click here.

Shares of InvenSense closed at $21.36 yesterday.


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