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HomeBusinessSemtech Earns an Upgrade at Needham

Semtech Earns an Upgrade at Needham


Needham & Company analysts upgraded Semtech (NASDAQ:SMTC) from a Hold to a Buy rating and assigned a price target of $35.00.
The analysts’ decision to upgrade is based on a longer-term perspective. While the analysts acknowledge the potential for short-term volatility due to weak demand in the IoT and telecom markets, along with inventory adjustments, they believe that the upcoming earnings call provides an opportunity for Semtech’s new CEO, Paul Pickle, to present a new long-term operational model.
This model is expected to demonstrate significant earnings potential, surpassing Street estimates. The analysts also anticipate that Pickle may highlight divestiture opportunities to generate cash for debt reduction.

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