Semtech price target raised to $38 from $26 at Needham

Needham raised the firm’s price target on Semtech to $38 from $26 and keeps a Buy rating on the shares. The analyst notes that the firm had turned more positive on the stock last September due to managerial changes and expectations of improved operating expense management, though now it also believes that the Data Center ramps may accelerate the cyclical recovery as the company should benefit from ACC use-case expansion in GPU back-end networks. Bookings and point of sale data are encouraging as both metrics increased in all three end markets, the firm added.