Summit Insights analyst Kinngai Chan upgraded Semtech to Buy from Hold. The analyst believes the inventory correction in Semtech’s signal integrity and protection is now behind the company. The firm expects its 5G wireless internet of things module and router sales to bottom this quarter with a recovery in 2024. While a demand recovery “may not be straight up and to the right,” it can now drive financial outperformance in the next few quarters, the analyst tells investors in a research note.
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