UPDATE: Citi Raises Semtech's PT

According to a research report published his morning, Citi has increased Semtech's

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.