On Monday, analysts at Barrington Research initiated coverage on shares of InvenSense Inc INVN with an Outperform investment rating and $20 price target.
Ted Moreau Jr. finds the company is gaining market share in the Micro-electro-mechanical Systems space amid design wins with Samsung, Xiaomi and Apple.
“InvenSense has content opportunities in OIS, algorithm and software content, multi‐core hub, pressure sensors, and microphones, which combined should drive a more than doubling of their served available market in the coming years from nearly $1.00 in content per smartphone today.”
In addition, Moreau Jr. feels through its sensors positions, the company is well positioned for the Internet of things (IoT) and wearables market. Barrington analysts mention Internet of Things opportunities will drive future growth for the company as the smartphone market begins to mature.
Lastly, Moreau Jr. predicts free cash flow and margin expansion in the coming years as the company benefits from a shift towards “internet of thing flavor.”
Shares of InvenSense recently traded at $15.14, up 0.26 percent.
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