Monolithic Power price target lowered to $483 from $600 at Truist

Truist lowered the firm’s price target on Monolithic Power to $483 from $600 but keeps a Buy rating on the shares. The company reported inline Q3 results and this deserved a “relief rally” given the shortfalls in semis recently, the analyst tells investors in a research note. Monolithic Power’s end market performance was also surprising as Enterprise Data was up 106% sequentially, even though the rest of the business was down 4.4%, the firm states. Truist adds however that while AI is helping, its price target cut reflects downward revision from weakness in non-AI markets.