Monolithic Power Systems (MPWR) PT Raised to $155 at Needham & Company
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Needham & Company raised its price target on Monolithic Power Systems (NASDAQ: MPWR) to $155.00 (from $150.00) while maintaining a Buy rating.
Analyst N. Quinn Bolton commented, "For its 17th consecutive quarter, MPS reported in-line to better than expected results and provided guidance beyond expectations. 2Q18 represented a new high watermark for quarterly revenue and NG EPS. MPS experienced broad-based Y/Y growth across multiple markets in 2Q18 that management believes will continue in 3Q18. Due to expected demand in 2H18 and beyond, the company will be increasing OpEx beyond its target model for the following 4-6 quarters in order to qualify two 12-inch foundries. MPS has also created an inventory buffer to support the ramp of new products. We believe the increased capacity and inventory buffer position MPS for incremental growth. We are increasing our sales and EPS estimates for 2018 and 2019 and our PT to $155 from $150, based on our DCF analysis."
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