UPDATE: Oppenheimer Initiates InvenSense at Outperform

Oppenheimer has published a research report on InvenSense

and has initiated coverage with an Outperform rating and $13 price target. In the report, Oppenheimer writes, "We are initiating coverage on InvenSense with an Outperform rating and a price target of $13, or 20x our FY13 EPS estimate vs. the current 15x multiple. We think that given InvenSense's 12-18-month revenue and EPS growth as well as takeout potential, it is at a cheap multiple, though as with all new issues, there is a lockup period expiration coming up. The catchy moniker "six-pack" of MEMS/NEMS (micro/nano electromechanical systems) is due to the 3 degrees of freedom that accelerometers and gyroscopes each allow, with InvenSense currently the only vendor that has integrated them." InvenSense is currently trading up $0.11 from yesterday's $9.99 closing price.