Northland analyst Gus Richard lowered the firm’s price target on Semtech (SMTC) to $48 from $66 and keeps an Outperform rating on the shares after the company reported in-line on an operating basis and guided in-line. Competition in the cellular IoT market is thinning, which should improve pricing and allow Semtech to gain market share, says the analyst, who cites sector multiple compression for the firm’s price target cut.
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