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Why International Rectifier (IRF) Stock Soared to a One-Year High Today

NEW YORK (TheStreet) -- International Rectifier (IRF) soared to a 52-week high of $39.50 on Wednesday after the company announced Infineon would purchase the company and released fourth-quarter results that beat analysts' expectations.

The German semiconductor company will buy International Rectifier for $40 a share in an all-cash transaction that values the company at approximately $3 billion. This represents a 51% premium over Tuesday's closing price of $26.56.

International Rectifier reported fourth-quarter adjusted net income of $21.9 million, or 30 cents a share, up from an adjusted net loss of $1.2 million, or 2 cents a share, in the same period one year earlier. Revenue increased 7.6% year-over-year to $297.6 million from $276.5 million.

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Analysts had expected earnings of 29 cents a share on revenue of $288.69 million.

The stock was up 47.15% to $39.08 at 12:47 p.m. More than 8 million shares had changed hands, compared to the average volume of 442,451.

Separately, TheStreet Ratings team rates INTL RECTIFIER CORP as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate INTL RECTIFIER CORP (IRF) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, compelling growth in net income, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."

You can view the full analysis from the report here: IRF Ratings Report

IRF Chart IRF data by YCharts

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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