Monolithic Power Systems, Inc. (NASDAQ:MPWR) shares rose more than 9% on Tuesday following the company’s reported Q2 results, with EPS of $3.25 coming in better than the Street estimate of $2.94. Revenue was $461 million, compared to the Street estimate of $430.64 million.

Deutsche Bank analysts provided a review following the results, noting that the company delivered its 9th straight revenue beat in Q2 and once again guided its revenues solidly above Deutsche Bank’s estimate in Q3 ($490 million vs. $469 million) despite continued macro/geopolitical/Covid headwinds.

With the magnitude of its outgrowth vs. peers expanding, the quality of that growth rising (more diversified, gross margin expanding, etc.) and a stable valuation, the analysts expect to see the company's shares continue to outperform peers. The analysts raised their price target to $530 from $457, while reiterating their buy rating.