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On Wednesday, analysts at Pacific Crest downgraded shares of InvenSense Inc (NYSE: INVN) to Sector Perform and removed the $28 price target.
InvenSense on Tuesday reported Q2 2015 EPS of $0.05 per share, missing estimates by 68 percent.
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Following the large earnings miss, John Vinh offered reasons why he is downgrading the stock.
"InvenSense executed poorly in what was anticipated to be one of the strongest quarters in the company's history. Instead, price pressures from Apple and Samsung and the acknowledgment of potential second-sourcing significantly reduce our confidence that InvenSense will be able to sustain growth and avoid multiple compression."
Moreover, "Additional growth vector opportunities including MEMS-based microphone, pressures sensors, OIS, and navigation are nascent and unlikely to sustain above-industry growth rates."
Shares of InvenSense recently traded at $16.20, down 24.5 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.