UPDATE: Williams Financial Group Upgrades Semtech

According to a research report published this morning, Williams Financial Group has upgraded Semtech (NASDAQ: SMTC) from Hold to Buy, and established a $32 PT.

In the report, Williams Financial Group said, "While the fact that results were below consensus may well pressure SMTC's shares in Friday trading, the quarter actually was fairly strong and actually in-line with Street expectations. The integration of the Gennum acquisition significantly complicated the results and masked the relative underlying health, which also looks to be improving. The adjustment of Gennum's distributor revenue recognition and the accounting for several other items to SMTC's standard reduced Q1 sales by $4.6 million, which if included would have resulted in a modest upside to expectations."

Semtech closed yesterday at $23.70.