UPDATE: Morgan Keegan Reduces PT to $30 on Semtech Corporation

Morgan Keegan lowers its price target $4 to $30 on Outperform-rated Semtech Corporation SMTC on near-term softness. Morgan Keegan says, " SMTC's Jan qtr results came in at $0.32/$104.0 million vs. consensus of $0.31/$105.2 million. All end markets declined sequentially during the qtr. Turns orders accounted for 40% and book-to-bill was 1.0. ...April guidance calls for $0.28-0.32/$102-108 million vs. consensus of $0.36/$113.3 million. SMTC's guidance does not incorporate the acquisition of Gennum or Cycleo. SMTC has seen a pick-up in bookings in the Communications end market while the Industrial market continues to be soft." SMTC closed at $28.14 a share.