Semtech Analysts Boost Their Forecasts After Q3 Earnings

Semtech Corp (NASDAQ:SMTC) reported mixed financial results for the third quarter of fiscal 2026 on Monday.

Semtech reported third-quarter revenue of $267 million, missing analyst estimates of $268.83 million. The company reported third-quarter adjusted earnings of 48 cents per share, beating estimates of 45 cents per share, according to Benzinga Pro.

"As power constraints intensify for our customers, we believe we are positioned to lead with ultra-power-efficient solutions spanning high-bandwidth data center networking, LoRa connectivity for rapidly expanding IoT use cases, and sensing technologies that enhance the functionality of next-generation AI interfaces," said Hong Hou, president and CEO of Semtech.

Semtech expects fourth-quarter revenue to be in the range of $268 million to $278 million versus estimates of $268.68 million. The company anticipates fourth-quarter adjusted earnings of 40 cents to 46 cents per share versus estimates of 43 cents per share.

Semtech shares fell 7.7% to $64.54 on Tuesday.

These analysts made changes to their price targets on Semtech following earnings announcement.

• Benchmark analyst Cody Acree maintained Semtech with a Buy and raised the price target from $76 to $85.
• Baird analyst Craig Ellis maintained the stock with an Outperform rating and raised the price target from $70 to $88.
• Piper Sandler analyst Harsh Kumar reiterated Semtech with an Overweight rating and raised the price target from $65 to $70.
• Morgan Stanley analyst Joseph Moore maintained the stock with an Equal-Weight rating and raised the price target from $64 to $67.

Considering buying SMTC stock? Here’s what analysts think:

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