Needham analyst N. Quinn Bolton raised his price target on Semtech to $60 and kept his Buy rating after its "solid" Q2 results and better than expected Q3 guidance. The analyst cites the company's reported strength in its internet of things and LoRa technologies, along with its datacenter and protection products, where demand continued to recover from its smartphone customers and grow from the non-smartphone segment.
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Pre-earnings options volume in Semtech is 2.8x normal with calls leading puts 19:6. Implied volatility suggests the market is anticipating a move near 14.3%, or $3.90, after results are released. Median move over the past eight quarters is 7.5%.