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Fly News Breaks for November 29, 2018
SMTC
Nov 29, 2018 | 08:06 EDT
RBC Capital analyst Mitch Steves lowered his price target on Semtech to $55, saying that while the company beat on Q3 earnings, its Q4 guidance came in "a bit light", particularly on the top line. The analyst maintains his Outperform rating however, noting that the sales shortfall was in line with his expectations based on the smartphone market weakness. Steves points to continued improvement in margins as a sign that Semtech sales mix is "moving in the correct direction".
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