Needham & Company analyst N. Quinn Bolton raised the price target on Vicor Corporation (NASDAQ: VICR) to $125.00 (from $110.00) while maintaining a Buy rating.

The analyst commented, "Vicor reported strong 2Q21 results with margins and EPS well above our estimates. Vicor continues to expect supply constraints will limit its Q/Q growth to ~7% for the remainder of 2021. While BP sales are expected to decline in 3Q21, AP sales are expected to accelerate (up 20%+ Q/Q). AP sales as a percent of revenue is expected to increase in 3Q21 to potentially 50%+. Vicor is completely booked for 3Q21 and 4Q21 as demand has continued to strengthen while supply constraints persist. Longer-term, the outlook for 48V adoption continues to improve, in our opinion. While we are keeping our revenue estimate relatively unchanged, we are increasing the mix of AP sales in our model, which drives an increase in our GM, OM and EPS estimates. We also increase our PT to $125 based on our DCF analysis, which assumes a terminal P/E multiple of 30x."