UPDATE: Oppenheimer Downgrades InvenSense to Perform

Oppenheimer lowers its rating on InvenSense INVN to Perform from Outperform as current valuation is not supported by multiples. Price target is reaffirmed at $15. Oppenheimer says, "The time has come to face the fact that there is a lock-up expiration approaching on May 15. We think ~45% of the float comes out, especially from venture capitalists that have waited long for their likely profits. Looking beyond, Windows 8 timing, success or failure of Nintendo's next gadget, their Samsung and HTC business all matter. So, we counsel caution until we can determine what the future looks like post-May 15. Also, after looking at the patents once more, we believe the space is more open than we first realized for competition from the likes of ST Micro, Maxim et al. on one side and from vision-based gesture recognition (Microsoft, Kinect) on the other." INVN closed at $19.60 yesterday.