B.Riley FBR Keeps Their Buy Rating on Semtech (SMTC)


In a report released today, Craig Ellis from B.Riley FBR maintained a Buy rating on Semtech (SMTC), with a price target of $65. The company’s shares closed on Friday at $44.69.

Ellis observed:

“We expect SMTC will report F1Q20 results around 5/29, and believe Street estimates are makeable, but have growing US/China trade-related outlook concerns. Five factors inform this view. First, analysis suggests F1Q20’s 25% drop from F3Q19’s peak is steep versus on-cycle peers, sufficiently comprehending Protection’s smartphone weakness. Second, AAPL and Samsung smartphone units were less bad than feared, and Android chip order data points have improved of late. However, QCOM warned 2H19’s upgrade cycles could suffer a pre-5G pause. Auto sales stabilized at larger Analog co’s, opening doors for ongoing Protection SAM expansion.”

According to TipRanks.com, Ellis is a 5-star analyst with an average return of 12.6% and a 56.9% success rate. Ellis covers the Consumer Goods sector, focusing on stocks such as Applied Materials Inc, Axcelis Technologies, and Rudolph Technologies.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Semtech with a $58.65 average price target, a 31.2% upside from current levels. In a report issued on May 14, Wells Fargo also initiated coverage with a Buy rating on the stock with a $70 price target.

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Semtech’s market cap is currently $2.92B and has a P/E ratio of 48.43. The company has a Price to Book ratio of 4.27.

Based on the recent corporate insider activity of 149 insiders, corporate insider sentiment is negative on the stock.

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Semtech Corp. engages in the manufacture and supply of analog and mixed signal semiconductor products for high-end consumer, enterprise computing, communications, and industrial equipment. It offers signal integrity, protection, wireless and sensing, and power and high-reliability products.

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