Needham & Company analyst N. Quinn Bolton raised the price target on Semtech Corp. (NASDAQ: SMTC) to $60.00 (from $55.00) while maintaining a Buy rating.

The analyst comments "The Q/Q growth in the Protection business was driven by a continued recovery in demand from its smartphone customers (with the exception of Samsung) and growth in its non-smartphone Protection products. Given the company’s continued execution of its growth strategy across its higher GM IoT, Datacenter and Protection products, we maintain our Buy rating..."