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Technology Stocks : InvenSense (INVN)
INVN 21.23+2.1%Oct 31 5:00 PM EST
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From: GPS Info5/3/2014 4:01:51 PM
   of 351
 
InvenSense pares losses as sell-side defends
May 2 2014, 15:03 ET

  • "We think the tone is similar to [modem maker] USRobotics many years ago when an inventory build into a major production ramp polarized investors ... while the longs were talking about this new online 'internet.' We don’t want to draw a shameless parallel here with sensor proliferation and contextual awareness, but we will," writes Needham's Vernon Essi, diving into ancient tech history to defend InvenSense ( INVN -6.5%) following its soft FQ1 guidance.
  • Pac Crest's John Vinh is also defending, albeit while cutting his PT by $5 to $22. “Despite a disappointing outlook due to weak order trends at Samsung (47% of revenues in FQ4 vs. 35% of revenues in FQ1), we remain confident that INVN is on track to ultimately penetrate Apple this year."
  • On the FQ4 CC ( transcript), CEO Behrooz Abdi stated 6-axis MotionTracking sensors will continue accounting for over 70% of units and revenue in FQ1. He also talked up the potential of a 7-axis sensor (includes a pressure sensor) and ultra low-power sensors.
  • Vinh questioned Abdi about the pace of image stabilization (OIS) design wins; Abdi insisted InvenSense has seen "quite a bit of adoption," but added tier-1 OEM wins could take a year or two.
  • While FY15 revenue guidance was reiterated, FY15 EPS guidance has been set at $0.70-$0.75, below an $0.83 consensus. LG and Xiaomi are expected to join Samsung as 10%+ FQ1 customers.

For the record, Friday's loss was 4.7%
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