Morgan Keegan Raises PT On Semtech to $31.50, Outperform (SMTC)

Morgan Keegan raised its price target on Semtech SMTC from $27 to $31.50. In a research report published today, Morgan Keegan reiterated its positive outlook on Semtech's long-term future. In the report, Morgan Keegan states, "Overall we continue to find shares of SMTC attractive based on a stronger revenue growth rate trajectory and consistent cash flow. We see optical as the main driver for above normal growth and profitability for the foreseeable future with the potential addition of seasonal strong trends in the back half from Consumer. Raising PT to $31.50." At the moment, Morgan Keegan has an Outperform rating on Semtech. On Friday, Semtech lost 0.69% of its value to close the day at $28.11.