B. Riley analyst Craig Ellis raised the firm's price target on Semtech to $210 from $165 and keeps a Buy rating on the shares. Semtech delivered a strong Q1 result and Q2 outlook that materially exceeded expectations on accelerating AI data center demand, prompting a meaningful upward revision to long-term AI growth assumptions, while LoRa SAM expansion, emerging consumer applications like smart glasses, and potential margin expansion from portfolio simplification further support a higher-growth, higher-gross-margin trajectory, the analyst tells investors in a research note.
