UPDATE: Piper Jaffray Downgrades Monolithic Power to Neutral; Approaching $23 PT

Piper Jaffray reduced its rating on Monolithic Power MPWR from Overweight to Neutral while reiterating its $23 price target per share. Piper Jaffray noted, "The company is in the midst of several transitions that we believe could add risks to estimates. MPWR is shifting its revenue mix from consumer (55% of revenue) and PC (17% of revenue, 9% excluding SSD) to more industrial (15%) and communication infrastructure (13%). In addition, the company is ramping its new BCD3 process, but BCD3 only accounts for 3-5% of revenue. We believe these transitions will take more time than the market generally anticipates. In addition, based on the weak TV and consumer electronics demand before the Olympics, we expect lackluster consumer electronics demand during the holiday season, increasing revenue risk." Monolithic Power closed at $21.56 on Friday.