Monolithic Power price target raised to $1,200 from $1,125 at Wells Fargo

Wells Fargo analyst Joe Quatrochi raised the firm’s price target on Monolithic Power (MPWR) to $1,200 from $1,125 and keeps an Overweight rating on the shares. Discussing the sector, the firm says sentiment remains improved coming out of CES as demand commentary suggests a modest improvement in visibility. That said, the group’s recent SOX outperformance creates a more difficult EPS setup and requires clean beat / raise quarters. Feedback post Monolithic upgrade has been positive as investors agree with Wells’ call of upward estimate revisions can drive shares higher, it adds.