Semtech Corp. (SMTC) PT Raised to $60 at Oppenheimer Following 1Q

Oppenheimer analyst Rick Schafer raised the price target on Semtech Corp. (NASDAQ: SMTC) to $60.00 (from $52.00) while maintaining an Outperform rating following the company's 1Q earnings report. The company reported beat/ raise results, despite COVID-19 and the loss of Huawei. 1Q sales/EPS of $133M/$0.35 beat consensus' $130M/$0.32E.

Despite China/COVID-19-impacted slow 1Q start, management reaffirmed LoRa at $90– 120M this year. Management sees LoRa revenue pipeline at $500M with 50% conversion at two years, supporting 40% CAGR.

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