UPDATE: Piper Jaffray Reiterates Neutral on Power Integrations; Lowers PT from $41 to $36

Piper Jaffray maintained a Neutral rating on Power Integrations

and lowered its price target from $41 to $36. Piper Jaffray wrote, “POWI missed its revenue guidance of $78-$84M by $1.6M. Revenue was flat q-o- q excluding the impact of the company's acquisition in the quarter. Without the acquisition of CT Concept we estimate POWI's revenue would be down 2% in CY12. We believe the company is struggling in the sub 5W market where competitors are taking share. The company has shifted its focus to higher power markets that grow more slowly, but typically offer better gross margins.” Power Integrations closed at $37.30 on Monday.