| Wednesday | ||||
B. Riley last night… B. Riley last night upgraded Semtech to Buy from Neutral with a price target of $52, up from $34, which represents 73% 12-month potential upside. Following a multi-quarter negative earnings revision cycle, with stock sentiment further hit by the Sierra Wireless deal, a "period of estimate stability could be approaching," the analyst tells investors in a research note. The firm believes growth acceleration is possible in 2024 on Sierra accretion and with potential for significant further stock upside if Semtech's non-internet of things carve-outs are executed. Given an "inexpensive valuation, the company offers a "good reward/risk," contends B. Riley. | ||||
| Tuesday | ||||
B. Riley analyst Craig… B. Riley analyst Craig Ellis upgraded Semtech to Buy from Neutral with a price target of $52, up from $34. | ||||
| Over a week ago | ||||
Semtech announced that it… Semtech announced that it has entered into a Cooperation Agreement with Lion Point Capital an investment firm and one of the Company's largest stockholders, with beneficial ownership of approximately 4% of Semtech's outstanding shares of common stock. Under the terms of the Cooperation Agreement, Semtech and Lion Point will confer with one another on the appointment of two independent directors to Semtech's Board of Directors, ultimately to be selected by Lion Point after receiving the views of Semtech. The new directors will be appointed within 30 days of entering into the Cooperation Agreement, at which point the Board will be expanded from 10 to 12 directors. The two new independent directors and eight current Semtech directors will stand for election to the Board at the Company's 2023 Annual Meeting of Stockholders which has not yet been scheduled. In addition, the Company will commence a search and confer with Lion Point on the appointment of two additional independent directors, ultimately to be selected by the Company after receiving the views of Lion Point. If one or both of those directors are selected prior to the 2023 Annual Meeting, they would also stand for election at that meeting. | ||||
Semtech announced that… Semtech announced that Mohan Maheswaran intends to retire from his role as Semtech's president and CEO after having served in such capacity for 17 years. Maheswaran has committed to providing 18 months of transition support to the company - continuing in his role as chief executive officer until a to-be-determined date as the company conducts a search for a new CEO, and then continuing in a consulting role with the company for the balance of the 18 months. Maheswaran is expected to remain a member of Semtech's board of directors until his retirement as Semtech's president and CEO. | ||||
Semtech Corporation… Semtech Corporation announced that Asaf Silberstein has been promoted to the newly created role of chief operating officer from his previous position of executive vice president, worldwide operations and information technology. Silberstein will report directly to Semtech's president and chief executive officer, Mohan Maheswaran. As COO, Silberstein will lead Semtech's business groups, sales, operations and information technology. "Having recently completed the transformative acquisition of Sierra Wireless, which doubled the size of Semtech, I believe now is the right time to enhance our operational focus with this new position. Asaf is a seasoned executive and has been an integral part of Semtech's leadership team. I am confident his strong track record of operational performance will serve us well," said Mr. Maheswaran, Semtech's president and chief executive officer. | ||||
| Over a month ago | ||||
Semtech (SMTC) and Sierra… Semtech (SMTC) and Sierra Wireless (SWIR) "announced the completion of Semtech's acquisition of Sierra Wireless in an all-cash transaction representing a total enterprise value of approximately $1.2B. This transaction nearly doubles Semtech's annual revenue and adds approximately $100M of high-margin IoT Cloud services recurring revenues. Semtech expects the acquisition to be immediately accretive to non-GAAP EPS and to generate $40M of run rate operational synergies within 12-18 months post close." | ||||
Semtech Corporation… Semtech Corporation (SMTC) and Sierra Wireless (SWIR) announced the termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. As previously disclosed on October 18, 2022, Semtech and Sierra each received a request for additional information and documentary material from the Antitrust Division of the U.S. Department of Justice in connection with the DOJ's review of Semtech's pending acquisition of Sierra. On January 5, 2023, Semtech and Sierra were notified that the waiting period had been terminated. The parties currently anticipate that the closing of the Transaction will occur on or about January 12, 2023, subject to the satisfaction of the closing conditions set forth in the Arrangement Agreement that by their nature are to be satisfied at the closing of the Transaction. | ||||
| Over a quarter ago | ||||
Semiconductor &… Semiconductor & Related Technology Analyst Acree holds a conference call with CFO Chukwu on December 12 at 1 pm hosted by Benchmark. | ||||
