Oppenheimer analyst Rick Schafer lowered his price target for Semtech to $52 from $60 after the company reported earnings. While the analyst expects shipments to eventually resume, he has excluded Huawei's direct/indirect contribution from his model going forward. He reiterates an Outperform 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%.