UPDATE: FBR Capital Markets Downgrades International Rectifier to Market Perform on Negative Sentiment

FBR Capital Markets reduced its rating on International Rectifier

from Outperform to Market Perform and lowered its price target from $23 to $19. FBR Capital Markets commented, "While the chip sector has already sold off some, there could be more bad news coming if another inventory de-stocking cycle starts anew, likely pushing any sector recovery out to spring 2013. Thus, we are lessening our sector exposure slightly by downgrading IRF from Outperform to Market Perform. While IRF shares are very inexpensive on a sales basis, the firm is losing money, has too much inventory on hand, has high automotive and broad-based exposure (similar to Infineon), and seems unwilling to cut deeper for the time being." International Rectifier closed at $16.64 on Monday.