Monolithic Power price target lowered to $500 from $575 at Needham

Needham analyst N. Quinn Bolton lowered the firm’s price target on Monolithic Power to $500 from $575 but keeps a Buy rating on the shares. The price target cut is being driven by the firm applying a lower terminal multiple to reflect the challenging macro environment, the analyst tells investors in a research note. The firm adds however that Monolithic Power is benefiting in the near-term from AI strength, which is helping to offset weakness seen in other segments.