Lattice Semiconductor initiated with a Buy at Needham

Needham analyst N. Quinn Bolton initiated coverage of Lattice Semiconductor with a Buy rating and $90 price target. Under CEO Jim Anderson, Lattice has expanded its low-end FPGA product portfolio with its Nexus platform and is entering the mid-range FPGA segment with its Avant platform that more than doubles the company’s total addressable market, the analyst tells investors in a research note. The firm believes the company will generate multi-year double-digit revenue growth. While not immune to macroeconomic challenges, Lattice has managed distributor inventory well and should keep the channel clear into 2024, contends Needham.