Chip Stock Hits 2-Year Highs on Beat-and-Raise

Semtech stock is on track for its best day in nearly a yearSemiconductor stock Semtech Corp (NASDAQ:SMTC) is soaring today, up 16% at $61.99 at last check, and earlier traded as high as$63.63, after the company announced better-than-expected third-quarter results and lifted its current-quarter revenue forecast. No fewer than six analysts lifted their price targets after the news, including Craig-Hallum to $70 from$48. A short squeeze could be powering today's breakout, with a healthy 9.2% of SMTC's total ...