Semtech provided January guidance with strong trends in LoRa and clock data recovery but offset by broader weakness, particularly in handsets, Piper Jaffray analyst Harsh Kumar tells investors in a research note. The analyst raised his fiscal 2020 estimates on expectations the company's core, high-growth areas, like LoRa and signal integrity will grow in the first half of the fiscal year. He also upped his price target for the shares to $57 from $55. Kumar views Semtech's execution as strong and reiterates an Overweight rating on the shares.
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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%.