Fly News Breaks for March 18, 2019
Mar 18, 2019 | 09:37 EDT
Loop Capital analyst Cody Acree raised his price target on Semtech to $63 and kept his Buy rating, saying the potential for the company to recover in the second half of 2019 is "promising" after a soft patch driven by "slowing global demand environment and ongoing weakness in China". The analyst cites double-digit growth in Semtech's LoRa - or long-range wireless technology - expected to generate $100M-$140M in revenue this year. Acree also points to optical upgrades to 100G as a "solid driver" that should see initial revenue later this year, along with indications that data center customers are expecting orders to pick up in Q2 of this year.
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