Semtech Analysts Boost Their Forecasts After Q3 Earnings

Core Insights - Semtech Corp reported mixed financial results for Q3 FY2026, with revenue of $267 million, slightly below analyst estimates of $268.83 million, while adjusted earnings per share were 48 cents, exceeding estimates of 45 cents [1][3] Financial Performance - Q3 revenue: $267 million, missing estimates of $268.83 million [1] - Q3 adjusted earnings: 48 cents per share, beating estimates of 45 cents per share [1] - Q4 revenue guidance: expected to be between $268 million and $278 million, compared to estimates of $268.68 million [3] - Q4 adjusted earnings guidance: anticipated to be between 40 cents and 46 cents per share, versus estimates of 43 cents per share [3] Market Reaction - Following the earnings announcement, Semtech shares fell by 7.7% to $64.54 [3] Analyst Ratings and Price Targets - Benchmark analyst Cody Acree maintained a Buy rating and raised the price target from $76 to $85 [5] - Baird analyst Craig Ellis maintained an Outperform rating and raised the price target from $70 to $88 [5] - Piper Sandler analyst Harsh Kumar reiterated an Overweight rating and raised the price target from $65 to $70 [5] - Morgan Stanley analyst Joseph Moore maintained an Equal-Weight rating and raised the price target from $64 to $67 [5] Strategic Positioning - CEO Hong Hou emphasized the company's focus on ultra-power-efficient solutions for high-bandwidth data center networking, IoT connectivity, and AI interface technologies [2]