Semtech price target lowered to $65 from $75 at Roth MKM

Roth MKM lowered the firm’s price target on Semtech (SMTC) to $65 from $75 and keeps a Buy rating on the shares. The company on Friday disclosed that due to “rack architecture changes” active copper cable sales expectations would fall below its prior $50M fiscal 2026 target, the analyst tells investors in a research note. The firm says that while disappointing, this is not a Semtech technology issue. Roth notes the company expects to ship to “multiple” customers in fiscal 2026 with new designs expected to ramp in 2027. The firm reduced estimates, but sees upside to $65 per share as Semtech “restores credibility.”