Monolithic Power price target raised to $570 from $500 at Raymond James

Raymond James analyst Melissa Fairbanks raised the firm’s price target on Monolithic Power to $570 from $500 and keeps an Outperform rating on the shares. The primary driver of upside versus prior estimates is coming from Auto, where management expects 2023 revenue growth at the high end of the 40%-60% targeted CAGR, supported by new program ramps and clear order visibility, the analyst tells investors in a research note.