Semtech Corporation (NASDAQ:SMTC) reported better-than-expected second-quarter financial results after the market closed on Monday.
Semtech reported second-quarter revenue of $257 million, beating analyst estimates of $256.09 million, according to Benzinga Pro. The semiconductor, IoT systems and cloud connectivity service provider reported second-quarter adjusted earnings of 41 cents per share, beating estimates of 40 cents per share.
"Our second quarter results reflect strong year-over-year financial performance, driven by deep customer engagement, operational discipline, and a culture of excellence," said Hong Hou, president and CEO of Semtech.
Semtech expects third-quarter revenue to be in the range of $261 million to $271 million versus estimates of $264.74 million. The company expects third-quarter adjusted earnings to be between 41 cents and 47 cents per share versus estimates of 44 cents per share.
Semtech shares jumped 11.5% to $56.89 on Tuesday.
These analysts made changes to their price targets on Semtech following earnings announcement.
- Needham analyst N. Quinn Bolton maintained Semtech with a Buy and raised the price target from $54 to $60.
- Piper Sandler analyst Harsh Kumar maintained the stock with an Overweight rating and boosted the price target from $55 to $65.
- Benchmark analyst Cody Acree reiterated Semtech with a Buy and maintained a $68 price target.
Considering buying SMTC stock? Here’s what analysts think:
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