UPDATE: Piper Jaffray Initiates Overweight, $15 Target on InvenSense

Piper Jaffray initiates an Overweight rating and $15 target price on InvenSense INVN based on strong growth rates, unique design and cost competitive advantages and potential upside to estimates. Piper Jaffray says, "We believe the adoption curve of motion processing in smartphones will have a similar trajectory to camera penetration in mobile phones driving strong growth over the next several years. Moreover, we believe there are several product cycles in motion sensing as gyroscopes and accelerometers are integrated, and compasses and pressure sensors are added to the platform. We believe INVN's proprietary manufacturing process drives lower cost and better performance, making it uniquely positioned to benefit from this growth opportunity. Estimates are likely conservative in our view given the large smartphone ramp and the opportunity in other verticals." INVN closed at $10.30 per share on Friday.