Goldman Sachs Downgrades InvenSense (INVN) to Neutral

Goldman Sachs downgraded InvenSense (NYSE: INVN) from Buy to Neutral with a price target of $25.00. The change is tied to valuation.

Analyst Mark Delaney said, "We remove InvenSense from the Americas Buy List and now have a Neutral rating as the stock has reached our 12-month price target of $25 (which is unchanged), and we believe that one of the key near-term catalysts for the stock (share gain at Apple) has now materialized. While on the Americas Buy List since 12/26/11, InvenSense is up 143% vs. the S&P 500 up 55%. We attribute this outperformance to a combination of smartphone unit growth, increasing attach rates of gyroscopes (we believe attach rates could reach 50-60% in 2015E), and share gain by InvenSense (recall that STMicro and Bosch are its primary competitors)."

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 $24.99 yesterday.

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