UPDATE: FBR Capital Markets Research Lowers PT on International Rectifier Corporation from $38 to $34

FBR Capital Markets Research has published a report on International Rectifier Corporation IRF lowering the price target by $4. In the report, FBR Capital Markets wrote, "International Rectifier (IR) reports Wednesday, August 17. For calendar 2Q11, results likely tracked as expected, with revenues above the midpoint of guidance of $310M–$320M. For calendar 3Q11, revenue guidance could be worse than expected, and IR's ERP system implementation could drive operating expense spending bad news." FBR Capital Markets rated International Rectifier Corporation an Outperform with a price target lowered from $38.00 to $34.00. International Rectifier Corporation closed Thursday at $22.96.