UPDATE: Piper Jaffray Raises PT to $26 on InvenSense
Piper Jaffray reiterates its Overweight rating on InvenSense (NYSE: INVN) and raises its price target $5 to $26 following adjusted estimates post secondary offering.
Piper Jaffray says, "We are tweaking our estimates slightly post the company's follow-on offering, though EPS estimates are effectively unchanged. We believe INVN is well positioned to benefit from the growth of Android smartphones and tablets as well as the growth of smartphones in emerging markets, particularly China. We also expect INVN's revenue opportunity per smartphone to grow through CY13 as the company's revenue mix shifts from 3-axis to 6-axis to 9-axis motion sensors and high-end smartphones start to adopt camera modules with optical image stabilization (OIS) by the end of CY12."
INVN closed at $20.10 a share on Friday.
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