Morgan Stanley Suggests Looking For A Better Entry Point For InvenSense

In a note released Wednesday morning, Morgan Stanley analyst Joseph Moore acknowledged that InvenSense INVN experienced a larger than expected bump from its newly-won Apple exposure. However, he said the stock "seems fully valued" and would look for a better entry point.

Moore currently rates InvenSense at Equal-weight and has raised his base case price target from $21 to $24. Additionally, he has raised his fiscal-year 2015 EPS estimate from $0.70 to $0.80 and his 2016 estimate to $1, which is only slightly above consensus ($0.97).