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Needham & Company Upgrades InvenSense (INVN) to Strong Buy; Look Past Fearmongers

October 1, 2014 6:25 AM EDT
Get Alerts INVN Hot Sheet
Price: $12.99 --0%

Rating Summary:
    7 Buy, 12 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 20 | Down: 14 | New: 22
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Needham & Company upgraded InvenSense (NYSE: INVN) from Buy to Strong Buy while maintaining a $28.00 price target.

Analyst Vernon Essi, Jr. commented, "We strongly believe investors should look past the unpredictable nature of short-term fearmongers and remain focused on the long-term strategic mileposts that INVN has met. INVN was trading at ~$18 in September 2013 when tear-downs concluded it was it not in the iPhone 5s; fast forward one year and INVN finds itself in the iPhone 6 with upwards of $100M in incremental annual revenue and $0.50 in EPS as a result. However, at ~$20 the Street appears to be telling us Apple is worth only ~$2 in incremental value for INVN share, which we believe to be patently absurd. We take the opportunity here to upgrade to Strong Buy from Buy, as we would capitalize on any negative sentiment to buy the stock."

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 $19.73 yesterday.



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