Semtech Corp. (SMTC) PT Raised to $70 at Needham

Needham analyst N. Quinn Bolton raised the price target on Semtech Corp. (NASDAQ: SMTC) to $70.00 (from $50.00) while maintaining a Buy rating.

The analyst comments "Semtech reported another beat and raise, again driven by data center related infrastructure shipments. Our key takes: 1) All segments grew Q/Q and Y/Y and Infrastructure will continue to drive growth next quarter; 2) CopperEdge 200G Linear Redrivers for ACC applications began volume shipments this quarter and contributed revenue of high-single-digit millions. Our forward CopperEdge estimates increase slightly. 3) SMTC received initial test and qualification orders for LPO products, with expectations of meaningful revenue contribution by FYE26. 4) OpEx is incrementally focused Data Center as management identifies transformational opportunities in this end market."

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