Monolithic Power Systems Inc (NASDAQ:MPWR) on Thursday reported better-than-expected second-quarter financial results and issued strong third-quarter sales guidance.

Monolithic Power reported quarterly earnings of $6.50 per share which beat the analyst consensus estimate of $5.87 per share. The company reported quarterly sales of $980.642 million which beat the analyst consensus estimate of $902.496 million.

Monolithic Power said it sees third-quarter sales of $1.140 billion-$1.160 billion, versus market estimates of $981.875 million.

“Our results demonstrate the strength of our diversified model and our continued success in transforming from a chip-only, semiconductor supplier to a full service solutions provider,” said Michael Hsing, CEO and founder of MPS.

Monolithic Power shares gained 11.3% to $1,465.50 in pre-market trading.

These analysts made changes to their price targets on Monolithic Power following earnings announcement.

• Needham analyst N. Quinn Bolton maintained the stock with a Buy and raised the price target from $1,750 to $2,000.
• Keybanc analyst John Vinh maintained the stock with an Overweight rating and boosted the price target from $2,000 to $2,100.

Considering buying MPWR stock? Here’s what analysts think:

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