Stifel analyst Tore Svanberg lowered the firm’s price target on Semtech (SMTC) to $60 from $70 and keeps a Buy rating on the shares. In a preview, the firm says it expects in-line January quarter results and that the company could guide April quarter revenue in line with consensus, which would be below the firm’s current estimates. While the firm is lowering its price target in light of recent lowered comps, it believes the recent selloff in shares “points to a potential overreaction from investors” and continues to “believe in our SMTC investment thesis,” the analyst tells investors.
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