UPDATE: Citi Lowers PT on Semtech from $35 to $29

Citi has published a research report on Semtech SMTC lowering the price target. In the report, Citi wrote, "We view SMTC's long-term growth prospects remain intact, powered by 40G/100G optics, smartphone and tablets, coupled with gross margin levers from product mix and yield improvement. We lower SMTC's target price to $29 form $35 on mixed forecast and lower multiples, but maintain SMTC Buy." Citi rated Semtech a BUY with a price target lowered from $35.00 to $29.00. Semtech closed Tuesday at $19.60.