Oppenheimer's InvenSense downgrade: Competition, product timing cited

|About: InvenSense (INVN)|By:, SA News Editor

Oppenheimer's Andrew Uerkwitz, who downgraded InvenSense (INVN -3.9%) to Market Perform this morning, thinks "the Street may be underestimating the growing competitive pressure" in the company's core smartphone/tablet motion sensor market.

Uerkwitz also believes investors could be overestimating the speed at which InvenSense's offerings are adopted for smartphone optical image stabilization and wearables applications.

Nonetheless, he's raising his FY16 (ends March '16) revenue and EPS forecasts to $405M and $1.05 (a 22x forward P/E) from a prior $360M and $0.98 on account of "robust opportunities" in China, and with 30%+ customer Samsung.