Monolithic Power Systems Surpasses Q2 Expectations: Analysts Respond With Upgraded Price Targets And Revised Estimates

Several analysts raised the price target of Monolithic Power Systems Inc 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.