Monday, June 17, 2013
More Gains Ahead For InvenSense
Even after gaining 7.7% on Friday based on rumors that Apple (AAPL) is ramping with its products, InvenSense (INVN) still has more room to run. The stock is approaching 52-week highs around $16 and only spent a few weeks in the last year above the current price of $14.65.
The maker of motion sensing technology has been long on potential ever since going public back in November 2011. The stock has struggled though due to the inability to correctly forecast earnings and a disconnect on the future of Apple as a customer. In fact, analysts have spent the last month dropping earnings estimates even though the noise in the market suggested a constant increase in a top producer of consumer goods as a customer.
Read the full article at Seeking Alpha.
Disclosure: Long INVN and AAPL. Please read the disclaimer page for more details.