Lattice Semiconductor, the Technology sector company, was revisited by a Wall Street analyst today. Analyst Quinn Bolton from Needham maintained a Buy rating on the stock and has a $70.00 price target.
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Quinn Bolton’s rating is based on several positive developments for Lattice Semiconductor. The company’s management has expressed a more optimistic outlook compared to previous earnings calls, with inventory levels in the Industrial and Automotive sectors expected to normalize by the end of the year. This improvement is accompanied by record-high starting backlogs for the upcoming quarters and a strong book-to-bill ratio.
Additionally, the Communications and Computing segments have performed better than anticipated, particularly due to significant growth in general-purpose and AI server revenue. Furthermore, Lattice’s new product revenue is surpassing expectations, projected to contribute a high percentage of total revenue in the coming years. These factors collectively support the Buy rating, with a price target set at $70 based on a projected earnings multiple.
According to TipRanks, Bolton is a 5-star analyst with an average return of 24.2% and a 54.64% success rate. Bolton covers the Technology sector, focusing on stocks such as IonQ, Lattice Semiconductor, and Marvell.