Needham & Company Raises Price Target on Monolithic Power Systems (MPWR) Following Investor Meeting
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Needham & Company reiterated a Buy rating on Monolithic Power Systems (NASDAQ: MPWR), and raised the price target to $87.00 (from $76.00), after hosting an investor day with management. CFO, Mr. Blegen highlighted two opportunities, game console and server power management solutions, that represent the two largest revenue drivers over the next two years.
Analyst Quinn Bolton commented, "We hosted the CFO on Monolithic Power, Mr. Bernie Blegen, for a day of investor meetings in New York earlier this week. While MPWR has a multitude of revenue growth drivers over the next several years, Mr. Blegen highlighted two opportunities, game console and server power management solutions, that represent the two largest revenue drivers over the next two years. We believe power management for a next generation game console could account for 1/3 to 1/2 of revenue growth in 2017 and increased power management share on Purley servers could account for half or more of revenue growth in CY18. With solid visibility into these growth drivers, we are introducing our 2018 estimates and raising our PT to $87, or 25X CY18 NG EPS plus net cash per share, from $76. We reiterate our Buy rating."
Shares of Monolithic Power Systems closed at $76.45 yesterday.
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