Semtech price target raised to $50 from $43 at Stifel

Stifel analyst Tore Svanberg raised the firm’s price target on Semtech to $50 from $43 and keeps a Buy rating on the shares following a Q1 beat. Though the near-term outlook remains “somewhat mixed/subdued,” the firm continues to believe in the long-term outlook, even as cost-cutting measures and other initiatives are already making a positive impact on the bottom line, the analyst tells investors in a post-earnings note.