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Despite the exit of its CEO and the reduction of its third-quarter revenue guidance, InvenSense is still a buy. InvenSense designs motion sensors for smartphones, tablets, and video-game consoles. Devices using Google's Android operating system use its chips, and Nintendo is a big customer, too. There's plenty of competition from companies such as ST Microelectronics, MEMSIC, and Analog Devices, but InvenSense continues to grow fast. And the reason is that customers prefer its low-power, small-form-factor chips. The company continues to win new customers, especially Chinese handset makers, and the rumor that Apple will become a customer is gaining traction again.

Here's what makes InvenSense attractive. The company trades for only 17 times 2012 earnings, even though sales are growing at 35% and earnings are growing at 26%. The market remains leery in the short term, and that creates opportunity for long-term investors.

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