After RBC Capital and B.Riley FBR gave Semtech (NASDAQ: SMTC) a Buy rating last month, the company received another Buy, this time from Drexel Hamilton. Analyst Cody Acree reiterated a Buy rating on Semtech today and set a price target of $50. The company’s shares closed yesterday at $45.30, close to its 52-week high of $45.50.
According to TipRanks.com, Acree is a 5-star analyst with an average return of 22.1% and a 74.4% success rate. Acree covers the Consumer Goods sector, focusing on stocks such as Akoustis Technologies, Silicon Laboratories, and Tower Semiconductor.
Currently, the analyst consensus on Semtech is Strong Buy and the average price target is $49.57, representing a 9.4% upside.
In a report issued on May 21, B.Riley FBR also reiterated a Buy rating on the stock with a $46 price target.
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Semtech’s market cap is currently $3B and has a P/E ratio of 82.36. The company has a Price to Book ratio of 4.51.
Based on the recent corporate insider activity of 181 insiders, corporate insider sentiment is neutral 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. Its offers signal integrity, protection, wireless and sensing, and power and high-reliability products.
