Semtech (SMTC) Achieves Record $291M Revenue with 16% Growth

AI Summary

Semtech Corporation (SMTC) reported first-quarter revenues of $291 million, an increase of 16% year-over-year. Non-GAAP adjusted diluted EPS climbed 34% to $0.51 per share. Following these results, UBS raised its price target for SMTC from $165 to $225 and maintained a Buy rating, citing strong demand for 800G optical products. The company anticipates data center growth to accelerate as new revenue streams are introduced, suggesting a positive environment for SMTC in the near term.