Semtech price target lowered to $45 from $60 at Piper Sandler

Piper Sandler analyst Harsh Kumar lowered the firm’s price target on Semtech to $45 from $60 but keeps an Overweight rating on the shares. The analyst notes that the quarter was mixed with a beat on Q3 earnings and a miss on Q4, though he also sees the main takeaway from the earnings call coming from commentary suggesting "business stabilization" in several end markets including China. Kumar adds that Q1 of FY24 should mark the bottom in revenues, with traction coming in the July quarter and further into the second half of 2023.