Monolithic Power Systems (NASDAQ: MPWR) saw its stock soar 5.08% in pre-market trading on Friday, following the company's impressive first-quarter earnings report and subsequent positive analyst reactions. The semiconductor company's strong performance and optimistic outlook have sparked renewed investor interest in the stock.

Monolithic Power reported quarterly adjusted earnings of $4.04 per share for the quarter ended March 31, surpassing the mean expectation of $4.01 per share from sixteen analysts. This represents a significant increase from the same quarter last year when the company reported earnings of $2.81 per share. Revenue also impressed, rising 39.2% to $637.55 million, slightly above analysts' expectations of $634.28 million.

In response to the strong results, several analysts have raised their price targets for Monolithic Power. TD Cowen increased its target price to $675 from $600, while Truist Securities raised its target to $899 from $897. The positive sentiment was echoed by other firms, with Needham maintaining its price target at $800 per share. These upgrades reflect growing confidence in Monolithic Power's business model and future prospects in the semiconductor industry.