Power Integrations shares get jolt from legal settlement

Power Integrations

10/10/2019 17:53

** Shares of Power Integrations Inc  POWI.O  rise 4.3% on
Thurs after integrated circuit maker ends legal dispute with ON
Semiconductor Corp  ON.O  involving patent infringement claims
    ** POWI on track for biggest one-day pct jump since Jul 26.
Trading volume at 1.8x 10-DMA
    ** SEC filing late on Weds shows POWI and ON entered into a
binding term sheet in which ON agreed to pay POWI $175 mln in
cash
    ** Stifel, which rates POWI "buy," raises PT to $103 from
$97
    ** The brokerage estimates that payment represents $5.89/sh
in net cash and that ending litigation will boost POWI's 2020
adj EPS by $0.12-$0.15
    ** Northland Capital Markets also raises POWI PT, to $74
from $70, but rates shares "underperform"
    ** YTD POWI up 47.1% vs 35.0% gain for Philadelphia SE
Semiconductor Index  .SOX 
    
    



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