Market Overview

UPDATE: Citi Raises Semtech's PT

Related SMTC
Stocks To Watch For August 21, 2014
Benzinga's Volume Movers

According to a research report published his morning, Citi has increased Semtech's (NASDAQ: SMTC) PT from $33 to $34.

In the report, Citi said, "SMTC ticked up 3% inline with analog group since it reported results 5/24. SMTC guided organic business (excl. Gennum) to grow 10% mid-pt, handily ahead of analog peers' average 6%. Jul-Q strength was primarily driven by healthy rebound in 40G/100G fueled by global comms infrastructure build-out and the momentum is expected to continue throughout the year. Gennum integration remains on track. Management affirmed that its original $8M/$15M cost synergy goal for CY12/CY13 was intact, yielding a 19% accretion to C13E EPS. That said, we raise SMTC's target to $34 from $33 and maintain our Buy rating on its L/T growth prospects."

Citi maintains its Buy rating on Semtech, which closed yesterday at $23.98.

Latest Ratings for SMTC

DateFirmActionFromTo
Aug 2014Goldman SachsAssumesBuy
Jul 2014Raymond JamesUpgradesOutperformStrong Buy
Feb 2014B. Riley & Co.UpgradesSellNeutral

View More Analyst Ratings for SMTC
View the Latest Analyst Ratings

Posted-In: CitiAnalyst Color Price Target Analyst Ratings

 

Related Articles (SMTC)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters