Lattice Semiconductor Corp. (NASDAQ:LSCC) plunged in trading on Tuesday after the chip maker’s Q4 outlook left investors disappointed. The company now expects Q4 revenues in the range of $166 million to $186 million which is lower than analysts’ expectations of $195.8 million.
The company’s CEO James Anderson stated on its earnings call, “Towards the end of Q3—really in the last four to six weeks of Q3—we started to see demand soften from our industrial and automotive customers.”
Lattice’s adjusted earnings per share came in at $0.53 in Q3, which beat analysts’ consensus estimate of $0.52 per share. The company’s revenues increased by 11.4% year-over-year to $192.2 million which was above analysts’ expectations of $179.6 million.
Is LSCC Stock a Good Buy?
Analysts are bullish on LSCC stock with a Strong Buy consensus rating based on six Buys and two Holds. The average LSCC price target of $72.75 implies an upside potential of 29.6% at current levels.
