Needham & Company Reiterates Buy on Monolithic Power Systems (MPWR) Following 3Q Beat
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Needham & Company reiterated a Buy rating and $87.00 price target on Monolithic Power Systems (NASDAQ: MPWR) following the company's 3Q earnings report. MPWR delivered better than expected revenue of $106.5MM, above the midpoint of guidance of $104-108MM and above our and consensus estimates of $106.0MM. NG EPS of $0.66 beat Street consensus by a penny.
Analyst Quinn Bolton commented, "For a 10th consecutive quarter, MPWR delivered revenue above the midpoint of guidance and provided a revenue outlook ahead of our and consensus estimates. While OPEX growth began trending above the company's longterm model in 2Q16, we forecast OPEX growth will revert to model in 2017. Nearterm strength continues to be driven by the higher-margin Industrial and Storage and Computing Segments. Over the next two years, we forecast growth to be driven by the ramp of design wins for a new gaming console and other computing devices at a major OEM as well as increased market share in server power management ICs on Intel's Purley platform. We reiterate our Buy rating and $87 PT based on 25x CY18 NG EPS plus net cash per share."
Shares of Monolithic Power Systems closed at $78.81 yesterday.
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