Stifel analyst Tore Svanberg raised the price target on Semtech Corp. (NASDAQ: SMTC) to $157.00 (from $96.00) while maintaining a Buy rating.

The analyst comments "We believe SMTC could report Apr Q revenue slightly above our $283.0mn estimate, based on potential outperformance from Infrastructure (31% of Jan Q revenue) on strong hyperscaler AI CapEx spending. • The Jul Q revenue guide may also come in higher than expectations, with upside potentially coming again from Infrastructure, based on higher expectations for hyperscaler CY26E CapEx spend, even as Industrial could see potential sequential growth driven by IoT Systems and LoRa, while High-End Consumer benefits from cont’d share gains (esp. Protection) and new applications such as AI Wearables (Proximity Sensing). • Overall, we believe SMTC continues to benefit from AI Capex spending, as well as secular product tailwinds supporting the company’s LT outlook in Industrial and Consumer. Coupled with the broader semis market rerating in recent weeks, we maintain our Buy rating with raised 12- month Price Target of $157 (from $98), representing an 11.0x CY27E EV/Sales multiple."