Monolithic Power Systems (MPWR.O) 3Q26 Earnings Preview: Enterprise Data and Communications Momentum Accelerating

Citi reiterates Buy on Monolithic Power Systems (MPWR.O) with a US$1,820 target price (49x C27 EPS), implying ~45% upside from US$1,253.66. MPWR reports September-quarter results on October 29 after the close, and Citi expects a beat-and-raise quarter driven by continued strength in Enterprise Data and Communications. Citi models Sep-Q sales/EPS of US$1.165B (up 19% QoQ)/US$7.81, 1% above consensus, and Dec-Q sales/EPS of US$1.25B (up 7% QoQ)/US$8.27 versus consensus of US$1.21B/US$8.15. Enterprise Data (~40% of sales) is forecast to grow ~140% YoY in 2026, above management's prior ~130% outlook, followed by ~50% YoY growth in 2027 across ASIC, GPU and CPU platforms;