UPDATE: Evercore Partners Raises Target on Monolithic Power Systems to $21

Evercore Partners maintains its Overweight rating on Monolithic Power Systems (NASDAQ: MPWR) and raises its price target to $21 from $17 on impressive beat to earnings and raised guidance.

Evercore Partners says, "We reiterate our Overweight rating and raise our PT to $21 following an impressive beat and raise, affirming our turnaround thesis and validating the company's transition to MPS 2.0. Importantly, we think the story is still in its early innings with compelling growth ahead. In particular, we expect 2012 tailwinds to be driven by design wins in (a) enterprise, (b) comm eqpt, (c) STB, and (d) LED lighting."

MPWR closed at $16.31 a share on Thursday.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.