UPDATE: Oppenheimer Raises Semtech PT to $41 Following Gennum Acquisition

Oppenheimer published a report Wednesday that maintained its Outperform rating on Semtech Corp. (NASDAQ: SMTC) and raised its price target from $35 to $41.

In the report, Oppenheimer wrote, "We're increasing our SMTC estimates and price target following a second consecutive quarter of standout execution. SMTC reported 4Q (Jan.) results of $151M/$0.49 vs. consensus $149M/$0.43 and guided 1Q (April) up 5% Q/Q to $158M vs. consensus $152.5M. The Gennum acquisition continues to confound the naysayers, smartphone protection is outperforming expectations (led by Samsung) and 100G long-haul SerDes competition has yet to materialize. We believe Samsung, 100G deployments and LTE basestation builds present upside through 2013. As the top line continues to impress, diversified SMTC is committed to early debt paydown and improved operating leverage."

Semtech closed Wednesday at $33.62.