UPDATE: Morgan Stanley Raises PT on Power-One from $3.40 to $3.70

Morgan Stanley maintained an Underweight rating on Power-One (NASDAQ: PWER) and raised its price target from $3.40 to $3.70. Morgan Stanley commented, “PWER was able to beat expectations handily on volumes due primarily to potential customers expediting installations ahead of feed-in tariff cuts in Europe. We see conditions experienced by the company in Q2 as a one-off and expect both volume and margin pressure going forward.” Power-One closed at $4.88 on Thursday.