Piper Jaffray Maintains an 'Overweight' on Monolithic Power Systems (MPWR); Raises PT & Estimates

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MPWR Hot Sheet

Rating Summary:
4 Buy, 5 Hold, 0 Sell

Rating Trend:

Up

Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23

Piper Jaffray maintains an Overweight rating on Monolithic Power Systems (Nasdaq: MPWR), raises price target from $24 to $26.

Piper analyst says, "MPWR beat estimates, but consensus is unlikely to change materially. We believe that this will put pressure on the shares near term. However, the higher R&D spending is accelerating new product introductions. We believe that this will lead to strong revenue growth going forward. In particular, we expect the company's product for LED TV backlighting to drive growth in 2010 and the company's Intelliphase and general light LED products to drive growth in 2011...We would expect the strong flow of new products to help sustain margin expansion in 2010...The company's DC/DC products are seeing strong momentum and were up 24% sequentially. We believe that the MiniMonster will continue to drive revenue growth in 2010. We expect the company's integrated FET/driver (Intelliphase product) to start to contribute to revenue in 2010 and see strong growth in 2011...Our Q4 estimate moves to $0.18 on $45 million (-6% q-q) up from $0.16 on $41.5 million. Our CY10 moves to $1.03 on $185 million from $0.95 on $180 million."

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Monolithic Power Systems, Inc. designs, develops, manufactures, and markets analog and mixed-signal semiconductors