Semtech price target lowered to $45 from $65 at Benchmark

Benchmark analyst Cody Acree lowered the firm’s price target on Semtech to $45 from $65 and keeps a Buy rating on the shares. Semtech’s near-term business is being dominated by the challenging macroeconomic environment, but the company is starting to see signs of demand stabilization and is very encouraged by many new design wins across all of its product groups and target markets, said Acree, who recommends investors use any significant weakness in the shares as an opportunity to add to positions.