Why Semtech Stock Popped 16% This Week
Shares of Semtech (NASDAQ: SMTC) are up 16%, according to data provided by S&P Global Market Intelligence, after the analog and mixed-signal semiconductor specialist announced a surprise profit for its fiscal third quarter.
Indeed, late Wednesday Semtech revealed net sales for its fiscal Q3 (ended Oct. 29, 2023) grew 13.1% year over year to $200.9 million, slightly above Wall Street's consensus estimates. On the bottom line, that translated to adjusted (non-GAAP) earnings of $0.02 per share, trouncing expectations for an adjusted net loss of $0.15 per share.
These results are particularly surprising considering Semtech only recently reiterated its previous outlook in late October, calling for revenue of $190 million to $210 million and an adjusted net-loss per share of $0.22 to $0.09.
Source Fool.com
Semtech Corp. Stock
The stock is an absolute favorite of our community with 32 Buy predictions and no Sell predictions.
With a target price of 42 € there is a positive potential of 32.66% for Semtech Corp. compared to the current price of 31.66 €.
