Loop Capital analyst Cody Acree raised his price target on Power Integrations to $78 after its in-line Q1 results, saying the quarter appears to be the "bottom" for the company given its above-consensus outlook for Q2. The analyst notes that the early January demand from Consumer held up through the quarter on the "seasonal resurgence in Air Conditioning", and even though he sees handset demand in China as "difficult to predict", Acree expects the company's to USB-PD adoption to drive revenue into Q3 and beyond. The analyst is also keeping his Hold rating on Power Integrations, calling the stock "fairly valued".