Power Integrations price target raised to $80 from $65 at TD Cowen

TD Cowen raised the firm’s price target on Power Integrations to $80 from $65 and keeps a Market Perform rating on the shares. The firm said they posted a soft but inline print and a slight miss in the guide exemplifies ongoing macro softness across end markets. However as the company continues to quickly reduce channel inventory, JunQ should start the recovery before further improvement in 2H.