Citigroup Inc. Upgrades International Rectifier Corp. to Buy (IRF)
International Rectifier Corp. (NYSE:IRF) was upgraded by Citigroup Inc. from a “neutral” rating to a “buy” rating in a research note issued on Friday, TheFlyOnTheWall.com reports. The firm currently has a $33.00 price target on the stock. Citigroup Inc.’s target price indicates a potential upside of 26.87% from the company’s current price.
The analysts wrote, “1) 500bps of additional gross margin expansion through 2014 on manufacturing restructuring, 2) continued broad based industrial and auto demand recovery in 2014 (IRF’s .95 correlation is the 2nd highest correlation to ISM in the analog sector), and 3) our sector-wide valuation thesis which favors core analog names with industrial exposure over heavily exposed smartphone names on multiple expansion. IRF’s power management products have 60% exposure to industrial and auto markets.”
Shares of International Rectifier Corp. (NYSE:IRF) traded up 1.44% on Friday, hitting $26.01. The stock had a trading volume of 782,199 shares. International Rectifier Corp. has a 1-year low of $17.62 and a 1-year high of $28.19. The stock has a 50-day moving average of $26.30 and a 200-day moving average of $24.8. The company’s market cap is $1.849 billion.
International Rectifier Corp. (NYSE:IRF) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.19 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.18 by $0.01. The company had revenue of $270.00 million for the quarter, compared to the consensus estimate of $265.62 million. During the same quarter last year, the company posted ($0.44) earnings per share. International Rectifier Corp.’s revenue was up 20.6% compared to the same quarter last year. On average, analysts predict that International Rectifier Corp. will post $0.87 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Zacks upgraded shares of International Rectifier Corp. from a “neutral” rating to an “outperform” rating in a research note to investors on Thursday. They now have a $28.80 price target on the stock. Finally, analysts at Drexel Hamilton initiated coverage on shares of International Rectifier Corp. in a research note to investors on Wednesday, November 13th. They set a “buy” rating and a $30.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $27.47.
International Rectifier Corporation (NYSE:IRF) designs, manufactures and markets power management semiconductors.
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