Needham & Company Maintains a 'Buy' on Monolithic Power Systems (MPWR); Cutting Estimates on Flat Q3

Needham & Company maintains a 'Buy' on Monolithic Power Systems (NASDAQ: MPWR) price target of $23.00.

Analyst, Vernon Essi, Jr, said, "MPWR reported Q2 results that were above consensus but provided Q3 guidance that was flat Q/Q and about 8% below expectations. Management’s strategy of diversifying away from Consumer and into higher margin offerings in Computing, Industrial and Communications are taking hold as Industrial and Communications outpaced Consumer growth Q/Q. The weakness for the soft Q3 guide was primarily felt in Consumer with STB and TV to blame with gateway products in Communications rounding out the lackluster growth. MPWR is poised in many areas longer term, especially in the VCORE notebook architectures and storage solutions that have yet to ramp."

"We reduced our 2012 revenue/EPS estimates from $229M/$1.00 to $223M/$0.95 and our 2013 estimates from $250M/$1.20 to $244M/$1.15."

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 $17.90 yesterday.

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