Semtech price target raised to $50 from $40 at Baird

Baird raised the firm’s price target on Semtech to $50 from $40 and keeps an Outperform rating on the shares. The firm met with management who’s tone was incrementally constructive notably about Signal Integrity but also conviction around a second-half recovery for Sierra Wireless. Baird said its valuation remains very attractive given revenue and mix growth opportunities along with ongoing deleveraging.