B.Riley FBR Maintains a Buy Rating on Semtech (SMTC)

By Jason Carr

In a report released yesterday, Craig Ellis from B.Riley FBR maintained a Buy rating on Semtech (SMTCResearch Report), with a price target of $61. The company’s shares closed yesterday at $47.49.

According to TipRanks.com, Ellis is a top 100 analyst with an average return of 16.7% and a 57.1% success rate. Ellis covers the Consumer Goods sector, focusing on stocks such as Sequans Communications S A, Applied Materials Inc, and Axcelis Technologies.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Semtech with a $57 average price target, representing a 20.0% upside. In a report issued on January 11, Robert W. Baird also reiterated a Buy rating on the stock with a $50 price target.

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Based on Semtech’s latest earnings release for the quarter ending October 31, the company reported a quarterly net profit of $12.17 million. In comparison, last year the company had a net profit of $13.34 million.

Based on the recent corporate insider activity of 157 insiders, corporate insider sentiment is negative on the stock.

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Semtech Corp. engages in the manufacture and supply of analog and mixed signal semiconductor products for high-end consumer, enterprise computing, communications, and industrial equipment. It offers signal integrity, protection, wireless and sensing, and power and high-reliability products.