Oppenheimer Remains Bullish on Monolithic Power Systems (MPWR) Following 3Q

November 1, 2016 10:11 AM EDT
Get Alerts MPWR Hot Sheet
Price: $80.33 -0.59%

Rating Summary:
    9 Buy, 4 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 21 | Down: 36 | New: 11
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Oppenheimer reiterated an Outperform rating and $88.00 price target on Monolithic Power Systems (NASDAQ: MPWR) following the company's 3Q earnings report. Industrial grew 23% Y/Y in 3Q, led by auto and smart metering. Storage/Compute grew 30% Y/Y driven by Server and high-end NB. MPWR will see a 50% ASP bump in 2017 when PCIe and SAAS PMICs ramp.

Analyst Rick Schafer commented, "Mgmt guided 4Q sales to $103M, besting the consensus $101.5M. We expect Street estimates to move up closer to us following this report. MPWR's long-term organic growth profile remains robust, with 30% of revenue from new products. With potentially transformative eMotion and Field Programmable Power Modules (FPPM) ramping mid-17 to be followed by the Purley transition in the 2H, we see Y/Y topline growth acceleration towards 20%. Greenshoot growth opportunities are ample and diverse across auto, server, industrial, modules, and BMS. We expect continued success penetrating/growing content across markets to sustain organic growth ~15% ahead of peers for the foreseeable future. MPWR's growth/GM story remains in early innings, in our view. We remain buyers with an $88 target."

For an analyst ratings summary and ratings history on Monolithic Power Systems click here. For more ratings news on Monolithic Power Systems click here.

Shares of Monolithic Power Systems closed at $78.81 yesterday.



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