BofA Securities analyst Blake Friedman raised the price target on Lattice Semiconductor (NASDAQ: LSCC) to $83.00 (from $75.00) while maintaining a Neutral rating.

The analyst comments "In-line Q1, though Q2 rev guide of $130mn at midpoint (-8% QoQ) again below Street’s flattish $140mn outlook. Auto/industrial (~55% of sales) inventory correction and telco weakness impacting LSCC for longer given it was also the last to adjust for the downturn in Q4 (vs. peers 1-2 quarters earlier). Still, compute (now potentially nearing 75% of C&C segment) remained strong, growing QoQ on continued data center unit/content gains (+50% content in current gen servers). In fact, mgmt expects continued content expansion into next-gen GR/Turin servers despite increased competitive pressure. Despite another reset, we see Q2 as the bottom, with Q3/Q4 recovering double digits QoQ as auto/industrial inventory normalizes and as idiosyncratic product launches (Avant-E, new Nexus) and software attach (currently 50%+) ramp. Overall, we lower our CY24 sales/pf-EPS by -3%/-8% but maintain CY25/26 estimates generally unchanged. We raise our PO to $83 (on 48x CY25E P/E from 43x prior, still in the middle of historical 20x-70x) from $75 as we are now past trough earnings. Reiterate Neutral as we still flag increasing competitive pressures from INTC (Altera spinout) and non-FPGA vendors longer-term."