Oppenheimer Believes Semtech (NASDAQ: SMTC) Won’t Stop Here

Oppenheimer analyst Rick Schafer assigned a Buy rating to Semtech (SMTCResearch Report) today and set a price target of $75.00. The company’s shares closed last Wednesday at $67.90, close to its 52-week high of $70.08.

According to TipRanks.com, Schafer is a top 100 analyst with an average return of 20.5% and a 77.3% success rate. Schafer covers the Technology sector, focusing on stocks such as Advanced Micro Devices, Akoustis Technologies, and NXP Semiconductors.

Currently, the analyst consensus on Semtech is a Strong Buy with an average price target of $73.00, representing a 7.4% upside. In a report issued on November 30, B.Riley Financial also maintained a Buy rating on the stock with a $83.00 price target.

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Based on Semtech’s latest earnings release for the quarter ending July 31, the company reported a quarterly revenue of $144 million and net profit of $16.13 million. In comparison, last year the company earned revenue of $137 million and had a net profit of $2.19 million.

Based on the recent corporate insider activity of 103 insiders, corporate insider sentiment is neutral on the stock.

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Semtech Corp. engages in the manufacture and supply of analog and mixed signal semiconductor products for high-end consumer, enterprise computing, communications, and industrial equipment. It offers signal integrity, protection, wireless and sensing, and power and high-reliability products. The company was founded in 1960 and is headquartered in Camarillo, CA.