UPDATE: Piper Jaffray Lowers PT on Power-One to $8

Piper Jaffray is out with its report today on Power-One (NASDAQ: PWER), lowering its PT from $13 to $8.

In its report, Piper Jaffray writes, "PWER currently trades at 5x our revised FY12 EPS of $0.95, with $0.71 in net cash. In addition to our estimates, we lower our multiple to 8x (9x previously) on continued market uncertainty. We continue to expect PWER to be an early beneficiary when demand returns. Maintain Overweight rating."

Shares of PWER closed Tuesday at $5.04, down 0.20% from Monday's close.