Semtech upgraded to Buy at Benchmark after ‘encouraging’ talks with management

As previously reported, Benchmark analyst Cody Acree upgraded Semtech to Buy from Hold and set a $30 price target on the shares after having recently hosted a fireside chat with Semtech’s new CEO Paul Pickle and CFO Mark Lin. While noting the firm had just recently downgraded the stock to a Hold following the company’s Q2 earnings call on September 13, the talks have left the analyst “increasingly comfortable and encouraged.” The firm believes the team is “taking an active, prudent and pragmatic view of the company’s current position,” the analyst tells investors.