Drexel Hamilton Raises Price Target on Semtech (SMTC) Following 2Q Beat
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Oppenheimer Raises Price Target on Microsoft (MSFT) to $65 Following 1Q Beat
- Jefferies Remains Sidelined on FirstEnergy (FE) After Adjusting Forecast
- Goldman Sachs Starts Hertz Global (HTZ) at 'Sell' and Avis Budget (CAR) at 'Neutral'
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesEarnings, Drexel Hamilton
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!