Oppenheimer Maintains Perform Following Semtech (SMTC) F1Q Results
Oppenheimer maintains a Perform rating on Semtech Corp. (NASDAQ: SMTC) following F1Q results. SMTC reported sales of $130M, compared to $133M consensus. EPS of $0.27 was just shy of consensus' $0.28 estimate.
Analyst Rick Schafer commented, After the close Wednesday, SMTC reported F1Q (April) sales/EPS of $130M/$0.27, just shy of consensus' $133M/$0.28E, as weakness at Samsung more than offset data center and PON strength. F2Q's (July) revenue outlook of $125M disappointed, as SMTC's protection solutions were the casualty of Samsung's BoM reduction efforts in low/mid-tier smartphones. Positively, traction at China smartphone OEMs appears to be accelerating as sales rose 50-60% Q/Q (albeit off a low base). In addition to Protection, China OEMs are beginning to design-in SMTC's proximity solutions. Gennum continues to be a bright spot, and mgm't expects China LTE builds to re-accelerate into 2HFY16. These opportunities need time to take root, keeping us on the sidelines here."
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Shares of Semtech Corp. closed at $24.62 yesterday.