Semtech price target raised to $48 from $36 at Craig-Hallum

Craig-Hallum analyst Anthony Stoss raised the firm’s price target on Semtech (SMTC) to $48 from $36 and keeps a Buy rating on the shares. The firm continues to believe in Semtech’s renewed growth as new AI products ramp at the end of this year and datacenter growth continues. Management noted it believes the AI ACC SAM is $100M for FY26 with the two main players being Semtech and Macom (MTSI) likely resulting in a 50/50 split. While this was largely in line with Craig-Hallum’s expectations going into the call, this is likely below what several analysts had expected Semtech to announce.