Oppenheimer Sees InvenSense Winning Design Build For Next-Gen iPad, Warns Of Volatility Heading Into Apple Product Announcements

Traders in InvenSense

shares are selling the stock Tuesday morning following a research note from Oppenheimer which suggests the company's upcoming design win will be for Apple's

next-gen iPad, not the iPhone, as many had hoped. Oppenheimer's Andrew Uerkwitz warned there could be some downside pressure on shares of InvenSense as Apple product teardowns begin to hit the Street over the course of September. Uerkwitz also said he expects lots of volatility in InvenSense shares as the iPhone unveiling nears. Despite the seeming concern, Oppenheimer maintains an Outperform rating and $19 price target. InvenSense shares are trading 2 percent lower to just under $17 at last check. Oppenheimer's new price target implies potential upside of about 12 percent from where the stock is currently trading.