UPDATE: Piper Jaffray Raises PT on Monolithic Power to $23

Piper Jaffray is out with its report today on Monolithic Power MPWR, raising its PT from $22.50 to $23. In its report, Piper Jaffray writes, "Maintain Overweight. Our price target goes to $23 from $22.50 based on 18x our slightly raised CY12E EPS of $1.27." Shares of MPWR closed Tuesday at $12.76, down 3.55% from Monday's close.