Drexel Hamilton Raises Price Target on Semtech (SMTC) Following 2Q Beat
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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."
Shares of Semtech Corp. closed at $26.60 yesterday.
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