UPDATE: Stifel Reiterates Buy Rating, Raises PT on Monolithic Power Systems Following 2Q13 Results Report

In a report published Wednesday, Stifel analyst Tore Svanberg reiterated a Buy rating on

, and raised the price target from $29.00 to $30.00. In the report, Stifel noted, “Revenue of $57.7mn (up 12.1% q/q) was slightly above the midpoint of company's revised guidance range of $56.5mn-$58.5mn (vs. original guidance of $55mmn-$59mn). Non-GAAP gross margin of 53.8% was up 33bps from the prior quarter. Non-GAAP operating expenses totaling $21.0mn was up 1.9% q/q. As a result, the company earned $0.24 per share non-GAAP and $0.14 GAAP, beating our estimates of $0.23 and $0.10, respectively. 3Q13 outlook is for revenue to be in the range of $63mn-$67mn (up 9.2%-16.1% q/q), gross margin to be 53.5%-54.5%, and non-GAAP operating expense of $21.0mn-$22.0mn, which excludes stock-based compensation expense of $4.3mn-$4.8mn. Consequently, we are forecasting $0.32 for the quarter.” Monolithic Power Systems closed on Tuesday at $26.31.