Piper Sandler analyst Harsh Kumar lowered the firm’s price target on Semtech to $30 from $40 and keeps an Overweight rating on the shares. The firm notes Semtech reported results that came in slightly better than expectations. Guidance, however, was off about 19% quarter-over-quarter for the October quarter, Piper adds. Semtech’s core organic business looks to have bottomed, while legacy SWIR business is still undergoing significant inventory reduction. Looking forward, the firm sees the company moving along the bottom for another quarter, while inventory digestion persists particularly with SWIR products.
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