Piper Jaffray Raises PT From $18.50 To $22.50 And EPS Estimates From $0.81 To $0.84 On MPWR

In a recent report, Piper Jaffray has raised the price target on Monolithic Power (NASDAQ: MPWR) from $18.50 to $22.50 and has also increased the EPS estimate from $0.81 to $0.84. The company maintains an Overweight rating on MPWR due to good chances of the revenue and earnings accelerating at the end of CY11.

In the report, Piper Jaffray said, "We believe margins will expand as the company becomes less dependent on lower= margin PC and TV revenue. Moreover, we believe the LED and storage markets will help drive revenue growth with above corporate average gross margins near term."

MPWR closed yesterday at $16.54.