FBR Reports On International Rectifier Corporation After Share Sell-Off

FBR Capital Markets has published a research report on International Rectifier Corporation IRF after the company's reported earnings weakness in its first quarter. In the report, FBR writes, "Despite shares' meaningful sell-off, some concerns about slower industrial chip shipments, and industrial chip ship-ahead risks, checks suggest that International Rectifier's (IR) calendar 2Q11 revenues are tracking in the upper half of guidance, and that calendar 3Q11 revenues will grow QOQ. As noted, we think some industrial customers have been buying chips at above-consumption rates, presenting some risks to calendar 3Q11 guidance for such exposed chip firms." FBR Maintains its Outperform rating and $38 price target. International Rectifier Corporation closed Friday at $26.98.