Semtech Corp. (SMTC) PT Raised to $45 at Stifel

Stifel analyst Tore Svanberg raised the price target on Semtech Corp. (NASDAQ: SMTC) to $45.00 (from $42.00) while maintaining a Buy rating.

The analyst commented, “In-Line Apr Q Results and Jul Q Outlook. F1Q26 (Apr) revenue and NG EPS came in +0.4% and +$0.01 vs. our prior respective est. Similarly, F2Q26 (Jul) guidance midpts. for revs/NG EPS came in +0.4%/ +$0.01 vs. our respective prior est.Infrastructure Growth Momentum Continuing. Despite the NT ACC business “air pocket,” SMTC’s next-gen ACC products (“CopperEdge”) continue to generate significant interest by delivering 5m and 3m reach lengths at 800G and 1.6T speeds (vs. 1.1m for its first-gen solution). Other Segments Also Contributing. NT and LT growth drivers include LoRa (robotics, UAVs, smart building) and proximity sensors (smart glasses, SurgeSwitch). Improving Profitability and NG Growth. NG OMs projected to improve from 16.4% in FY25 to 18.9% in FY26E and 20.2% in FY27E, even as NG EPS is projected to grow at ~2x rev growth in FY27E.Maintain Buy, adjusting 12-month TP to $45 from $42 (3.9x CY26E EV/Sales).”

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