Northland on Semtech Corp. (SMTC): 'We would be aggressive buyers on weakness'
Northland Capital Markets analyst Gus Richard reiterated an Outperform rating and $32.00 price target on Semtech Corp. (NASDAQ: SMTC).
The analyst comments "SMTC reported a strong quarter and provided weak guidance. We think Q3 is likely to be the bottom. The SMTC classic business has stabilized and should start to grow. Sierra Wireless is undergoing an inventory correction that will likely last through the year end. The FCC is considering adding Chinese competitors to the covered list, which caused Sierra's sales pipeline to increase by $250M, driven primarily by government agencies. We would be aggressive buyers on weakness."
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Shares of Semtech Corp. closed at $22.87 yesterday.