Semtech price target lowered to $40 from $48 at Baird

Baird analyst Craig Ellis lowered the firm’s price target on Semtech to $40 from $48 and keeps an Outperform rating on the shares. The analyst saiddilution is well worse than we expected with prospects for 2H24 accretion questionable, given potential structural issues at Sierra Wireless while LoRa revenue outlook for 2024 is back to 2022 levels with a steady decline in node density.