Needham upgraded Semtech to Buy from Hold with a $35 price target. The analyst believes weak end market demand and inventory digestion in the internet of things and telecom markets may result in volatility in near-term results. However, Thursday’s earnings call presents an opportunity for incoming CEO, Paul Pickle, to present a new long-term operating model with earnings power well above Street estimates and highlight potential divestiture opportunities to raise cash and pay down debt, the analyst tells investors in a research note. The firm expects a new narrative coming out of the earnings call.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on SMTC:
- Semtech management to meet with B. Riley
- SMTC Earnings this Week: How Will it Perform?
- Options Volatility and Implied Earnings Moves This Week, September 05 – September 08, 2023
- 3 Best Stocks to Buy Now, 7/24/2023, According to Top Analysts
- Semtech to participate in a conference call with Craig-Hallum