Auriga Maintains Buy on Power-One (PWER)

Auriga is out with its report today on Power-One (NASDAQ: PWER), maintaining Buy.

In a note to clients, Auriga writes, "While we maintain our $13 target and Buy rating on shares of Power-One, Wednesday's negative pre-announcement reminds us of PWER's Italian exposure and the current work stoppage in Italy that is likely to persist through the end of April. This does not affect our longer term view, but we lower 2011 sales and EPS estimates in-line with pre-announced 1Q11 sales and into the remainder of 2011. Our target is 8x our unchanged 2012 EPS estimate of $1.68."

At the time of posting, shares of PWER were trading pre-market at $8.05, down 2.90% from Wednesday's close.