FBR Capital Markets Reiterates Outperform, $26 PT on International Rectifier

FBR Capital Markets maintains its Outperform rating on International Rectifier IRF as it lowered estimates following a disappointing 1Q12 guidance from the company. FBR Capital Markets notes, " International Rectifier (IR) preannounced lower calendar 4Q11 revenues of about $230M (-24% QOQ, -19% YOY), meaningfully worse than prior guidance of $240M–$270M, and worse than most peers. IR noted four reasons for the weakness including: (1) Poor Chinese demand, particularly for appliances; (2) Poor European demand for auto and industrial; (3) Weaker compute demand following the Thai floods; and (4) manufacturing delays affecting HiRel production." IRF closed at $23.15 a share yesterday.