Semtech (SMTC): 4 Beat And Raises In A Row, Raising PT - B.Riley
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Drexel Hamilton analyst, Cody Acree, reiterated his Buy rating on shares of Semtech Corp. (NASDAQ: SMTC) and raised his PT to $35 after the company delivered strong upside to October quarter results and better-than-expected guidance on most metrics. Bookings and backlog were strong in IoT, Data Centers and Mobile,
Upside came from seasonal mobile demand, an increasing diversification into China, and the resumption of sequential growth in Communications. This is Semtech's fourth consecutive stronger than expected quarter, accentuating a substantial turnaround in its fundamentals that the analyst believes should be extendable.
The new price target of $35 is up from $32 which equates to 22x the new FY18 EPS estimate of $1.57.
Shares of Semtech Corp. closed at $28.10 yesterday.
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