UPDATE: ISI Group Reduces PT to $33 on Power Integrations on Bookings Uncertainty
ISI Group reiterated its Hold rating on Power Integrations (NASDAQ: POWI) and lowered its price target from $33 to $30.
ISI Group commented, "This morning, POWI announced its 3Q financials will include a pre-tax charge of $60M from the closure of its investment in Silicon Carbide firm SemiSouth. Additionally, POWI announced its 3Q sales would range between $77M and $79M, or near the low end of its prior forecast of $76-82M. … Given our view of 3Q12 bookings trends, macro uncertainties which we think are weighing on 4Q12 outlooks, and POWI's updated guidance, we are revising our 2013 EPS estimate and price target to $1.50 from $1.64 and to $30 from $33, respectively."
Power Integrations closed at $27.55 on Friday.
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