Semtech price target lowered to $49 from $56 at Roth MKM

Roth MKM lowered the firm’s price target on Semtech to $49 from $56 but keeps a Buy rating on the shares. The company’s Q2 results topped expectations and its outlook for Q3 “cleared the decks”, with the quarter highlighted by semi stabilization, aggressive cost-cutting, and targeted channel inventory normalization, the analyst tells investors in a research note. With the semi bottom likely in, the firm recommends to use the weakness as a buying opportunity, Roth MKM added.