Semtech price target raised to $60 from $40 at Piper Sandler

Piper Sandler raised the firm’s price target on Semtech to $60 from $40 and keeps an Overweight rating on the shares. The firm believes Semtech is on track to make Street estimates for the April quarter with limited upside and a potential to guide very close to street estimates for July. More importantly, as far as commentary goes, Piper expects management to speak to an improving business environment particularly for the semiconductor business.