FBR Capital Lowers PT On IRF To $31

FBR Capital, citing a weak quarter from the company, has lowered its price target on International Rectifier IRF from $34 to $31. Says FBR Capital, in its report, “International Rectifier (IR) reported weak financial results and guidance as macro sluggishness and supply chain inventory destocking drive downside. While business is now below plan, most investors expected an estimate reduction from IR, as seen with many peers, and thus this shortfall is not that surprising.” FBR Capital maintains its Outperform rating on the stock. IRF closed yesterday at $22.84.