Semtech (SMTC): 4 Beat And Raises In A Row, Raising PT - B.Riley

December 1, 2016 6:22 AM EST
Get Alerts SMTC Hot Sheet
Price: $32.20 --0%

Rating Summary:
    8 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 10 | New: 6
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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.

For an analyst ratings summary and ratings history on Semtech Corp. click here. For more ratings news on Semtech Corp. click here.

Shares of Semtech Corp. closed at $28.10 yesterday.

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