RBC Capital Raises Price Target on Semtech (SMTC) Following 3Q Report
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RBC Capital reiterated a Sector Perform rating on Semtech Corp. (NASDAQ: SMTC), and raised the price target to $32.00 (from $28.00), following the company's 3Q earnings report. SMTC reported results slightly ahead of Street on both revenue/EPS at $140.9M/$0.37 vs. Street at $138.5M/ $0.36.
Analyst Mitch Steves commented, "Semtech reported results of $141M/$0.37, toward the high end of guidance, and provided guidance that was also ahead of expectations. We think the story is continuing to improve on the back of WST growth and the new LoRa opportunity continuing to ramp. In addition, the gross margin profile has remained healthy (above 60%), allowing leverage to flow through the model. Negatively, SMTC is now trading well above its historical average and we think this limits material upside at this time. Net Net: We think the company is doing an admirable job in terms of execution and revenue growth; however, we remain on the sidelines due to the current valuation relative to historical averages. We raise our price target to $32 (from $28)."
Shares of Semtech Corp. closed at $28.10 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesRBC Capital, Earnings
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