Semtech price target raised to $58 from $50 at Stifel

Stifel analyst Tore Svanberg raised the firm’s price target on Semtech (SMTC) to $58 from $50 and keeps a Buy rating on the shares ahead of the company’s Q3 earnings report. The firm expects in-line October quarter results with bias to the upside, contemplating the following end market expectations: infrastructure to increase sequentially, high-end consumer revenue to increase quarter-on-quarter, and; industrial to be slightly quarter-on-quarter. Stifel believes Semtech could guide January revenues in-line with consensus and above its own estimates, based on recent commentary from other industry participants as well as positive commentary from company management.