Stifel Raises Price Target on Power Integrations (POWI) Ahead of 3Q Report

October 13, 2016 9:20 AM EDT
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Price: $69.05 +0.15%

Rating Summary:
    6 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 1 | Down: 2 | New: 3
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Stifel maintained a Buy rating on Power Integrations (NASDAQ: POWI), and raised the price target to $70.00 (from $63.00), ahead of the company's 3Q earnings report. Stifel is expecting POWI to report $99.0mn in revenue and $0.62 non-GAAP EPS, compared with the Street’s estimates of $99.3mn and $0.56. Stifel aslo expects that POWI will guide for a moderately above-seasonal December quarter that is at or above estimates of $97.0mn, compared with the Street’s consensus estimate of $97.3mn.

Analyst Tore Svanberg commented, "We are expecting Power Integrations to report June quarter results at or above our estimates of $99.0mn (+1.9% q/q) revenue and $0.62 non-GAAP EPS, versus the Street’s consensus estimates of $99.3mn and $0.56. Power Integrations guided revenue to be in the range of $96.0mn-$102.0mn, or down 1.2% to up 5.0% q/q and up 1.9% at the midpoint of the range. POWI is in a new product cycle with InnoSwitch and fast charging is ramping swiftly as nearly all smartphone OEMs are joining this trend in delivering higher power chargers with their phones. We expect ramps in rapid charge to have continued in the September quarter and playing a key role in driving revenue growth. Computing could also rebound on pickup in PC demand, as recently reported by Intel in its positive 3Q16 preannouncement. Additionally, we expect positive U.S. manufacturing PMI (51.5%) and China Caixin manufacturing PMI (52.0%) to have continued positive impacts on POWI’s high power business and anticipate LED lighting to also be in an upswing now that POWI has exited the low-end LED lighting segment."

For an analyst ratings summary and ratings history on Power Integrations click here. For more ratings news on Power Integrations click here.

Shares of Power Integrations closed at $61.97 yesterday.

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