Drexel Hamilton Raises Price Target on Semtech (SMTC) Following 2Q Beat

September 1, 2016 6:47 AM EDT
Get Alerts SMTC Hot Sheet
Price: $32.20 --0%

Rating Summary:
    8 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Drexel Hamilton reiterated a Buy rating on Semtech Corp. (NASDAQ: SMTC), and raised the price target to $32.00 (from $29.00), following the company's 2Q earnings report. SMTC reported sales of $135.9 million, slightly ahead of the consensus of $135.4 million. EPS was $0.35, ahead of the Street's consensus of $0.33.

Analyst Cody Acree commented, "Semtech turned in its third consecutive stronger than expected quarter, cementing what we believe is a substantial turnaround in its business fundamentals that should be extendable for at least the next several quarters, if not the foreseeable future."

For an analyst ratings summary and ratings history on Semtech Corp. click here. For more ratings news on Semtech Corp. click here.

Shares of Semtech Corp. closed at $26.60 yesterday.

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