Power Integrations downgraded to Market Perform from Outperform at Northland

Northland analyst Gus Richard downgraded Power Integrations to Market Perform from Outperform with an unchanged price target of $82. The firm, which expects “a W-shaped recovery” for semiconductors with inventory replenishment ending for Power Integrations in the second half of 2023, notes that the company has high exposure to cell phone chargers, which are not likely to be strong in calendar 2024. The firm believes a mix of headwinds and tailwinds are reflected in its estimates.