Raymond James analyst Chris Caso downgraded Monolithic Power to Outperform from Strong Buy and maintained a $160 price target based on sector cyclical concerns following checks in Asia. Caso's checks indicate there has been a negative sentiment shift during the month of September among suppliers, with several trends clearly worsening. The analyst has concluded that the the semiconductor sector has entered a cyclical downturn and has made a broad call to downgrade nearly all of his stocks under coverage. Caso said Monolithic Power is not immune to cycles, but thinks its design success will allow it to continue to grow and views a 20% long-term growth rate as reasonable.