Oppenheimer remains on sidelines amid Semtech CEO departure

Oppenheimer analyst Rick Schafer maintained a Perform rating on Semtech following the “shocking” departure of CEO Paul Pickle after less than 12 months. Oppenheimer noted that the reason for Pickle’s departure is yet unclear though the firm believes “he and the board have had differences in opinion regarding the direction of the company from early on.” Oppenheimer recommends staying on the sideline as new management now has to handle the company’s “extensive turnaround effort.”