Analysts See Up To 37% Upside On Raised Price Targets Following Semtech's Q2 Beat

Semtech Corp's SMTC Q2 revenue of $185 million, up 29% year-on-year, beat the analyst consensus of $182.6 million.
The semiconductor provider's adjusted EPS of $0.65 beat the consensus of $0.62. It sees Q3 adjusted EPS between $0.68 - $0.76 above the consensus of $0.67.
B. Riley analyst Craig Ellis raised the price target to $97 from $95, implying a 36.7% upside, and reiterated a Buy.
He termed the Q2 performance as "solidly better with good quality."
Oppenheimer analyst Rick Schafer raised the PT to $85 from $80, signifying a 19.8% upside, and maintained an Outperform.
Semtech reported beat/raise results with broad-based strength, though capacity constraints hinder upside, Schafer noted.
Needham analyst Quinn Bolton affirmed a Buy and raised the PT from $86 to $88, indicating a 24% upside.
Price Action: SMTC shares traded higher by 10.90% at $78.69 on the last check Thursday.