Semtech (SMTC) Stock Jumps 10% After Q2 Blowout and Guidance Crush
TLDR
- Semtech Q2 revenue rose 32.7% year-over-year to $341.9 million, beating the $328.67 million estimate
- Adjusted EPS of $0.71 topped the $0.61 estimate, up from $0.41 a year ago
- Q3 guidance of $405-$415 million crushed Wall Street’s $359.9 million estimate
- Multiple analysts raised price targets, with UBS setting the highest at $230
- SMTC holds a Strong Buy consensus; the average $204 price target implies nearly 60% upside
Semtech (SMTC) is trading sharply higher after posting a strong fiscal Q2 beat and issuing Q3 guidance that left analyst estimates in the dust. The stock was up over 10% in premarket trading, building on an already impressive 73% year-to-date gain.
Revenue for the quarter came in at $341.9 million, up 32.7% year-over-year and ahead of the consensus estimate of $328.67 million. It marked the tenth consecutive quarter of revenue growth for the company.
Adjusted EPS hit $0.71, well above the $0.61 analyst estimate and a big jump from $0.41 in the same quarter a year ago.
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