Shares of Monolithic Power Systems (NASDAQ: MPWR) rallied hard today, up 5% as of 3:15 p.m. ET

Monolithic was beaten down in November on fears of market share losses in its high-growth artificial intelligence (AI) segment. However, with shares down 35% from their recent highs, Monolithic found one more defender on Wall Street today.

Today, initiated coverage on Monolithic with a buy rating, giving the stock a $700 price target. That's 17.6% higher than Monolithic's $595 share price at the end of close yesterday.

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Source Fool.com