Several analysts raised the price target of Monolithic Power Systems Inc (NASDAQ:MPWR) after the company reported Q2 2023 results.
Yesterday, the company reported revenues of $441.1 million, beating the consensus of $440.5 million, and adjusted EPS of $2.82 exceeded the analyst estimate of $2.81.
For Q3, the company expects revenue in the range of $464.0 million-$484.0 million vs the consensus of $473.47 million.
Wells Fargo increased the price target to $575 from $510, maintaining an Overweight rating.
At a Buy rating, Needham raised the price target to $575 from $500, Rosenblatt to $580 from $540, and Truist Securities to $600 from $527.
Truist Securities analyst William Stein lowered the EPS estimate to $11.85 from $12.10 vs. the consensus of $11.88.
Needham analyst N.Quinn Bolton reduced the estimate for revenue and EPS to $1,806.2 million (from $1,811.1 million) and $11.64 (from $11.70) for 2023. Meanwhile, he raised the EPS estimate to $12.65 from $12.50 for 2024.
Price Action: MPWR shares are trading lower by 1.27% at $552.90 on the last check Tuesday.