UPDATE: Jefferies Initiates Power-One at Buy (PWER)

Jefferies is out with its report on Power-One (NASDAQ:

), initiating PWER at Buy. In a note to clients, Jefferies writes, "We initiate coverage of Power-One with a Buy rating and $12 PT. We introduce our modestly below-consensus FY11 revenue/GAAP EPS estimates of $1.2B/$1.05 and FY12 estimates of $1.3B/$1.21. We believe large scale inverters will drive PWER growth in Europe, Asia, and NA. Buy especially on weakness; volatility will ensue until the company can confirm a resumption of its sequential growth. The stock will remain under pressure until it can guide to growth." At the time of posting, shares of PWER were trading at $9.20, up 1.88% from Thursday's close.