UPDATE: Goldman Sachs Initiates Coverage on InvenSense with a Buy Rating

According to Goldman Sachs, InvenSense

coverage is initiated with a Buy rating. Goldman Sachs said that it initiates coverage of motion-sensor provider InvenSense with a Buy rating as we see the company as a unique growth opportunity within the semi industry. “Our 12-month price target is $12 based on (1) 85% fundamental value of $11 (20X norm. EPS of $0.55), (2) 15% M&A component (30X norm. EPS).” InvenSense closed yesterday at $10.30.