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Semtech price target lowered to $30 from $32 at Stifel

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.”

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