Semtech price target raised to $115 from $85 at Benchmark

Benchmark raised the firm’s price target on Semtech (SMTC) to $115 from $85 and keeps a Buy rating on the shares after the company announced that it has completed the acquisition of HieFo, a U.S.-based Indium Phosphide optical chip maker. Strategically, the firm views the acquisition as a vertically integrative move that strengthens Semtech’s optical platform, the analyst tells investors.