Semtech price target lowered to $24 from $26 at Stifel

Stifel analyst Tore Svanberg lowered the firm’s price target on Semtech to $24 from $26 and keeps a Buy rating on the shares ahead of Q3 earnings. The firm expects October-end quarter to meet expectations, which contemplates substantial pullback in hardware sales on continued inventory digestion, and believes Semtech could provide guidance in-line with or slightly lower than its January-end quarter estimates.