Semtech price target raised to $46 from $36.50 at Northland

Northland raised the firm’s price target on Semtech to $46 from $36.50 and keeps an Outperform rating on the shares after the company reported non-GAAP earnings and sales above the firm’s estimates and above guidance. The company is nearing the end of its inventory correction and its networking products are gaining momentum in AI data centers, says the firm, which adds that “the rising AI tide will lift all boats.”