Summit Insights downgraded Semtech to Hold from Buy. The demand recovery in the company’s integrated circuit business should continue to drive financial outperformance through the second half of FY25 and Semtech Corp remains well positioned to benefit from the industry adoption of its redriver circuit for copper cables used in AI servers through the first half of 2025, but the industry demand recovery is now mostly priced in and the stock should be an inline performer to its peer group over the next few quarters, the analyst tells investors in a research note.
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