Semtech price target raised to $66 from $60 at Northland

Northland raised the firm’s price target on Semtech (SMTC) to $66 from $60 and keeps an Outperform rating on the shares after the company closed a public offering of 10.5M shares of its common stock at $63 per share. The transaction is accretive as the company annually eliminates $48M of interest expense, notes the analyst, whose non-GAAP earnings estimate for FY26 increased to $1.89, up from $1.65.