Needham lowered the firm’s price target on Semtech to $26 from $35 and keeps a Buy rating on the shares. The company reported a “solid” quarter but gave “mixed” guidance as Operating Expense cuts mitigated lower revenue, the analyst tells investors in a research note. Demand is stabilizing, but continued inventory digestion at is causing the firm to reduce its forward revenue estimates, Needham adds, also cutting its FY25 EPS view to 50c from 75c.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on SMTC:
- Options Volatility and Implied Earnings Moves Today, December 06, 2023
- Options Volatility and Implied Earnings Moves This Week, December 04 – December 08, 2023
- SMTC Earnings this Week: How Will it Perform?
- Semtech price target lowered to $24 from $26 at Stifel
- Semtech price target lowered to $25 from $30 at Susquehanna
