Semtech price target raised to $36 from $30 at Craig-Hallum

Craig-Hallum analyst Anthony Stoss raised the firm’s price target on Semtech to $36 from $30 and keeps a Buy rating on the shares. The firm continues to believe in Semtech’s renewed growth as new AI products ramp and China PON drives top-line growth. Management called for revenues to grow about 4% sequentially for the April quarter on the back of China PON. Craig-Hallum believes China PON could contribute about $20M-$25M for the April quarter, up from $12.5M in October.