After hosting meetings with Semtech management, Stifel analyst Tore Svanberg noted that the company's commentary was relatively unchanged since the July quarter earnings and he believes 2020 growth targets look achievable given that he thinks LoRa growth is likely to re-accelerate as use cases proliferate into smart home and consumer products. The analyst, who believes Semtech shares have likely bottomed, keeps a Buy rating on the stock and raised his price target for shares to $57 from $55.
Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSTorrid... To see the rest of the story go to thefly.com. See Story Here
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%.