Semtech surges after upbeat Q4 forecast

Semtech

26/11/2024 11:56

** Semiconductor supplier Semtech's  SMTC.O  shares rise
19.2% to $63.71 premarket 
   ** SMTC sees Q4 net sales between $245 mln and $255 mln,
midpoint of which is above estimates of $247.3 mln, according to
data compiled by LSEG  
   ** Co sees Q4 adjusted EPS between 29 and 35 cents, midpoint
of which is above analysts' estimates of 30 cents; co also beat
Q3 revenue and profit estimates
   ** SMTC reported broad-based growth across all its end
markets, particularly in data center, where AI-driven product
demand is expected to be a key long-term growth driver - CEO
Hong Hou 
   ** Q3 data center net sales at $43.1 mln, up 58% sequentially
   ** At least five brokerages raise PT on the stock
   ** Eleven of 13 brokerages that track SMTC rate it "buy" or
higher, two "hold"; median PT is $70
    ** As of last close, stock up ~144% YTD

 (Reporting by Ragini Mathur in Bengaluru)
 ((Ragini.Mathur@thomsonreuters.com;))