UBS Takes Axe to International Rectifier (IRF); Second Half Demand Expected to Remain Sluggish

August 20, 2012 1:00 PM EDT
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Price: $39.98 --0%

Rating Summary:
    4 Buy, 6 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 15 | Down: 24 | New: 14
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UBS maintains a 'Neutral' on International Rectifier (NYSE: IRF) price target of $20.00 (from $22.00).

Analyst, Steven Chin, said, "We are reducing our International Rectifier forecasts on expected soft consumer and industrial demand due to macro, and weaker aerospace sales owing to slower aircraft deliveries. Given the softer end demand, we expect channel and internal inventory levels will take several quarters to completely normalize, and gross margins to begin recovering thereafter. We reduce our F13/14 EPS estimates by 10%/9% off of lowered revenue assumptions and lower our price target."

Q4 revenues cut from $264M to $260M, Q4 EPS remains (0.19) vs. consensus for (0.15). Q1'13 revenues lowered to $271M. FY13 and FY14 revenues lowered by 3% each to $1.11B and $1.22B. FY13/14 EPS are cut by 10%/9% to $0.56/1.54, respectively.

For an analyst ratings summary and ratings history on International Rectifier click here. For more ratings news on International Rectifier click here.

Shares of International Rectifier closed at $18.96 yesterday.

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