International Rectifier (IRF) Falls as Goldman Sachs Cut to "Sell"

Shares of International Rectifier (NYSE: IRF) are weaker Thursday after receiving a downgrade earlier from Goldman Sachs.

Goldman cut its rating on the stock from Neutral to Sell saying they expect the stock to lag the group during the early stages of a cyclical industry upturn. They set a $15 price target, suggesting 15% downside from Wednesday's close.

Goldman cited: 1) We expect pricing and margin pressure in the discrete analog market to persist in 1H13 given excess supply; (2) IR will likely face an additional headwind from elevated internal inventory which needs to be sold through before utilization and margins can improve; (3) IR’s execution has been sub-par this cycle with weak returns relative to peers.

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 are down 4.2 percent to $16.93.

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