Analyst Quinn Bolton of Needham maintained a Buy rating on Semtech, boosting the price target to $60.00.
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Quinn Bolton has given his Buy rating due to a combination of factors that highlight Semtech’s promising outlook. The company has shown robust performance in its recent financial results and future guidance, particularly driven by its data center and high-end consumer products.
Semtech’s FiberEdge deployments are contributing to its near-term strength, while its LPO and ACC products are gaining momentum with engagements and testing underway with major hyperscale and enterprise customers. Additionally, the company has raised its revenue expectations for its LoRa technology, and new opportunities are emerging for its PerSe products in the smartphone and smart glasses markets. These factors collectively support a positive outlook for Semtech’s stock.
Based on the recent corporate insider activity of 55 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SMTC in relation to earlier this year.