Semtech price target raised to $85 from $76 at Benchmark

Benchmark raised the firm’s price target on Semtech (SMTC) to $85 from $76 and keeps a Buy rating on the shares. Semtech’s “solid” October quarter and “encouraging” January revenue guidance was offset by mix-related gross margin pressure that resulted in its EPS outlook being one penny shy of the consensus, the analyst tells investors. With share trading near all-time highs, the firm says it understands “investors’ knee-jerk reaction to sell immediately at the first sign of any fundamental concerns,” but adds that it believes there were many positive elements in the company’s report.