Power Integrations (POWI) PT Lowered to $88 at Northland Capital Markets on Expectations that Demand Is Being Pulled Forward

Northland Capital Markets analyst Gus Richards lowered the price target on Power Integrations (NASDAQ: POWI) to $88.00 (from $90.00) after the company beat EPS by $0.21 on higher revenue. The company reported EPS of $0.76 on $173M in revenue versus expectations for $0.57 on $150M. POWI guided Q2 to be flat Q/Q plus or minus 5%.

The analyst reiterated the Market Perform rating, stating "The Company is in a strong competitive position being the leading supplier of GaN power products that consume less power. Channel inventory fell 1.3 weeks in Q3 to 1.9 weeks an unsustainably low level. Chip demand is very likely in excess of end consumption as stay-at-home is pulling forward demand. For this reason, POWI expects 2H:21 to be down 10% over 1H. We maintain MP and trim PT to $88."

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