Power Integrations price target lowered to $78 from $90 at Benchmark

Benchmark lowered the firm’s price target on Power Integrations to $78 from $90 and keeps a Buy rating on the shares. While inventory has returned to normal levels, customer order patterns remain cautious and demand weakness and visibility challenges drive a softer second half recovery than anticipated, the analyst tells investors. New products are gaining meaningful traction and the firm remains confident in the firm’s execution and believes historic growth and earnings power will resume as the macro turns more favorable, the analyst added.