Semtech price target raised to $70 from $60 at Roth MKM

Roth MKM analyst Scott Searle raised the firm’s price target on Semtech (SMTC) to $70 from $60 and keeps a Buy rating on the shares. Semtech reported a modest beat for Q3, with a healthy guide up for Q4, but the headline number is Data Center, which was up 58% sequentially, driven by a continued recovery and early contribution from its ACC solution, the analyst tells investors in a research note.