Susquehanna upgraded Semtech to Positive from Neutral with an unchanged price target of $30 following the fiscal Q2 report. Sierra estimates “have finally been de-risked,” likely marking the bottom for the business and company revenue overall, the analyst tells investors in a research note. The firm says the Semtech story has an “underappreciated” artificial intelligence optical angle and notes that Congress is pushing for a China internet of things module ban that is already benefiting the company’s market share gains. The stock has the potential for a “multi-bagger” in the longer term if the company’s turnaround is executed well, contends Susquehanna.
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