In a report published Tuesday, FBR Capital Markets analyst Christopher Rolland reiterated a Market Perform rating and $28.00 price target on International Rectifier Corporation IRF.
In the report, FBR Capital Markets noted, “Overall, International Rectifier is moving in the right direction after significant revenue, gross margin, and EPS compression at the trough of the last cycle, owing to an inventory die bank build and high operating expenses in 4Q10. Net, the company is now one of the strongest cyclical growers in our group, but we believe valuation has fairly discounted most of its improving financial situation. We maintain our Market Perform rating and $28 price target, based on a calendar 2015 P/E of 11x.”
International Rectifier Corporation closed on Friday at $26.44.
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