Stifel raised the firm’s price target on Semtech to $50 from $45 and keeps a Buy rating on the shares. The company reported Q2 sales and non-GAAP EPS that was higher than the firm’s estimates and offered “mostly in-line” fiscal Q3 guidance, notes the analyst, who adds that Semtech continues to benefit from the cyclical recovery and also believes the company is well-positioned with secular drivers across its product portfolio.
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