Morgan Stanley analyst Joseph Moore initiated coverage of Semtech (SMTC) with an Equal Weight rating and $30 price target The firm is “positively biased” on the shares, saying Semtech’s valuation is below its small cap peers, and the company has opportunities to inflect in data center around new communications markets. However, with current tariff uncertainties in consumer markets, the firm is on the sidelines. Semtech “has been weighed down by several recent mishaps,” the analyst tells investors in a research note.
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