UPDATE: Citi Raises PT to $32 on Semtech

A report from Citi reiterates its Buy rating and raises its price target from $29 to $32 on Semtech

. The report states, “SMTC dipped 4.5% after market as it guided Jan-Q down 13%-18% as a result of continued macro-driven weak demand plus Thailand flooding impact ($7M or 6% sls). Mid-point guide (ex-Thailand) confirmed analog group's -9% outlook. While 290bps GM decline F2Q-F4Q caused by mix, volume and Thailand was a negative surprise, we expect it to rebound toward 59%+ next 2-3 Q's.” SMTC closed yesterday at $22.15.