UPDATE: FBR Capital Markets raises PT to $28 on International Rectifier Corporation

FBR Capital Markets raises its price target to $28 on International Rectifier Corporation

as recent underperformance in shares should lead to upside for the rest of 2012. FBR Capital Markets says, "IR has performed worse than most peers in peak-to-trough revenue compression, gross margin compression, and EPS compression driven by management's calendar 4Q10 inventory die bank build-ahead, the loss of appliance energy subsidies in China, higher China reserve requirements (from mid 2011), more intense discrete pricing, and high operating expense spending. With many of these drivers now reversing, and with consumer and PC shipments set to seasonally ramp, we think IR's fundamentals will again start outperforming." IRF closed at $21.39 a share on Friday.