Morgan Keegan Powers Price Target On Semtech To $31

According to Morgan Keegan, Semtech SMTC estimates are reduced for the July and October quarters based on concerns that broader economic weakness is likely to impact SMTC in the near term. Morgan Keegan said that it is cautious on SMTC's consumer (34%) and communication (41%) exposure. “We are maintaining our Outperform rating as shares of SMTC have pulled back 20%+ over the last 3 months. Lowering PT to $31.” Semtech closed on Friday at $20.79.