UPDATE: Morgan Keegan Expects Stronger Second Half for Semtech, Lowers PT

In a research report published earlier today, Morgan Keegan has lowered its estimates for Semtech Corporation (NASDAQ: SMTC), as the company has reported near-term softness. Morgan Keegan lowered Semtech's PT from $34 to $30.

Morgan Keegan said in the report, “We are lowering our FY13 estimate to $1.58/$463.8 million from $1.95/$618.1 million as we have excluded the Gennum acquisition from our estimate. As of its closing price of $28.14, shares of SMTC are currently trading at 17.8x straight and 14.7x ex-cash (cash per share of $4.91) our FY13 estimate of $1.58. Our thesis of superior execution and the return of the high growth optical business remains intact. We reiterate our Outperform rating, with a $30 price target.”

Semtech closed yesterday at $28.14.