Drexel Hamilton Reiterates Buy as Semtech (SMTC) Signs Agreement with Comcast
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Drexel Hamilton reiterated a Buy rating and $32.00 price target on Semtech Corp. (NASDAQ: SMTC) following the company's announced signed agreement with Comcast to deploy trial LoRa WAN networks in the U.S.. As an incentive to accelerate Comcast’s LoRa deployments, SMTC will issue 1,086,957 or about $30 million in warrants to Comcast. When fully deployed, LoRa should reach 50% of each cities’ population.
Analyst Cody Acree commented, "Wednesday, after the market close, Semtech announced it has signed an agreement with Comcast to deploy trial LoRa WAN networks in the U.S. Deployments will begin in Philadelphia and San Francisco in calendar Q4 2016 and, upon completion of the trials, potentially expanding to 30 cities within a 30-month period. The build-out will target enterprise, government and consumer IoT applications."
Shares of Semtech Corp. closed at $27.74 yesterday.
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