Semtech price target lowered to $35 from $45 at B. Riley

B. Riley lowered the firm’s price target on Semtech to $35 from $45 and keeps a Buy rating on the shares. While noting “material share dilution” near 20% from the convertible debt raise, the analyst believes the deal is important with numerous positive long-term implications. The deal should significantly enhance Semtech’s operations and strategic flexibility, the analyst tells investors in a research note. It believes the stock now offers “enhanced entry points.”