Stifel lowered the firm’s price target on Semtech to $30 from $32 and keeps a Buy rating on the shares after the company reported in-line July quarter revenue, but gave a “sharply lower” October quarter outlook. While “disappointed” in the October quarter outlook, the firm is “encouraged” by what it calls Semtech’s “swift response to create the flexibility/optionality needed to turn the ship around.”
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on SMTC:
- Robust Q2 Drives Semtech (NASDAQ:SMTC) Shares Higher
- Semtech says Q2 financials ‘assuming company can continue as going concern’
- Semtech warns of potential ‘going concern’ over violation of covenants
- Semtech falls 8% to $21.01 after Q2 results, below-consensus guidance
- Semtech sees Q3 EPS (22c) to (9c), consensus 11c