Power Integrations (POWI) PT Lowered to $65 at Needham

Needham analyst David Williams lowered the price target on Power Integrations (NASDAQ: POWI) to $65.00 (from $80.00) while maintaining a Buy rating.

The analyst comments "POWI delivered in-line 3Q revenue and better-than-expected profitability, although softer 4Q guidance and elevated channel inventory tempered our enthusiasm. While disappointed by the inventory increase, we believe the underlying drivers are more nuanced than the headline suggests and do not indicate broad-based demand deterioration. Consumer weakness continues to weigh on results, while healthy industrial and high-power demand is being constrained by component availability. We remain confident in management's strategy to reposition POWI toward higher-value commercial markets, with expanding GaN adoption and growing opportunities in energy infrastructure, automotive, and 800V DC supporting the longer-term investment thesis."

You May Also Be Interested In

• Canaccord Upgrades Joby Aviation Inc (JOBY) to Buy
• Shutterstock (SSTK) Tops Q3 EPS by 37c
• Power Integrations (POWI) PT Lowered to $62 at Stifel