Semtech Corp. (SMTC) PT Raised to $100 at Needham & Company

December 2, 2021 9:59 AM EST
Get Alerts SMTC Hot Sheet
Price: $73.36 -1.61%

Rating Summary:
    15 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 25 | Down: 19 | New: 35
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Needham & Company analyst N. Quinn Bolton raised the price target on Semtech Corp. (NASDAQ: SMTC) to $100.00 (from $88.00) while maintaining a Buy rating.

The analyst commented, "Semtech's F3Q22 revenue slightly exceeded the midpoint while NG GM and NG EPS were towards the high end of guidance. SMTC's F4Q22 guidance also came in above expectations on revenue, NG GM and NG EPS. Strong GM in F3Q22 was driven mostly by product mix and SMTC's ability to pass along rising input costs to customers. We are encouraged by the GM strength and note the market rewards higher GM with higher multiples. Management noted weakening in the consumer markets, particularly in China, but SMTC sees tailwinds in LoRa, PMDs, and Protection more than offsetting this weakness. Importantly, LoRa is expected to surpass the 40% CAGR goal in FY22 and to continue this pace in FY23. We are raising our ests. and PT to $100 based on an EV of ~7.25x our new CY23 sales est. Our previous PT of $88 was based on an EV of ~7.0x our prior CY22 sales est."



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