Power Integrations price target raised to $90 from $80 at Benchmark

Benchmark analyst David Williams raised the firm’s price target on Power Integrations to $90 from $80 and keeps a Buy rating on the shares. The December quarter results were “about as expected,” while the guidance was $5M below expectations on the top line as inventory rebalancing extends through Q1, the analyst tells investors. However, the inventory depletion cycle looks to be nearing completion and order trends are improving, suggesting sales will find a bottom in Q1, the analyst added.