UPDATE: Topeka Capital Markets Initiates Coverage on InvenSense with Buy Rating, $16 PT on Pure-Play Investment Opportunity

In a report published Thursday, Topeka Capital Markets analyst Suji De Silva initiated coverage on InvenSense (NYSE: INVN) with a Buy rating and $16.00 price target.

In the report, Topeka Capital noted, “We are initiating coverage of Invensense Inc. with a Buy rating and a $16.00 price target. We believe that INVN represents a pure-play investment opportunity in the growth of motion sensing functionality to growing handset and tablet end markets. From its position as a leader in the marketplace, we expect INVN to expand its presence into additional end markets, thereby increasing its addressable market.”

InvenSense closed on Wednesday at $12.39.