RBC Capital analyst Doug Freedman reiterated an Outperform rating and bumped his price target on Semtech Corp. (NASDAQ: SMTC) to $32.00 (from $31.00) following Q2 results. The analyst said the bad news is more than priced in and there are many positives to look forward to.

Freedman commented, "Strong results and lowered guidance was better than feared. Semtech is benefiting from a diverse core business with 29% Consumer, 22% Enterprise Computing, 25% Industrial and 24% comms, all of which are growing faster than expected, despite the loss of 3D touch at MSFT/Nokia. The wind-down of long-haul optical is nearly complete. We believe SMTC's multiple can expand as they drive growth in 2015."

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Shares of Semtech Corp. closed at $24.00 yesterday.