UPDATE: Williams Financial Group Reiterates Buy Rating, Raises PT on Semtech Corporation Following In-Line Q1 EPS, Upside

In a report published Thursday, Williams Financial Group analyst Cody G. Acree reiterated a Buy rating on Semtech Corporation (NASDAQ: SMTC), and raised the price target from $36.00 to $44.00.

In the report, Williams Financial noted, “Semtech (SMTC, Buy, $36.33) continued to show its strength in customer, product and end market diversity as it delivered an in-line Q1 EPS but about $4 million upside to revenue, compared to Street expectations. The firm also guided Q2 relatively in-line with ours and Street expectations. The relative strength looks to have been driven by growth in almost all its major end-markets, with high-end consumer, enterprise computing, and communications being the standout performers. Additionally, once again, the company's Gennum acquisition looks to have been a solid investment, now making up 25% of total revenue and contributing nicely to growth.”

Semtech Corporation closed on Wednesday at $36.33.