Semtech sinks after Baird says ‘brace for near-term turbulence’

Baird earlier today lowered the firm’s price target on Semtech (SMTC) to $60 from $80 while keeping an Outperform rating on the shares. The firm says active copper cables benchmarking activity has been “muted” in the past few months outside of Meta. Active copper cables and linear pluggable optics remain a medium-term opportunity for Semtech, but investors “should brace for near-term turbulence,” the analyst tells investors in a research note. The stock in midday trading is down 15%, or $9.04, to $51.46.