Seaport Global Initiates Coverage of Semtech with Buy
Fintel reports that on September 23, 2026, Seaport Global initiated coverage of Semtech (NASDAQGS:SMTC) (DB:SM2) with a Buy recommendation.
Semtech Corporation is a United States-based company engaged in the semiconductor industry, specializing in analog and mixed-signal semiconductor products. The company's product line focuses on applications for industrial, communications, high-end consumer, and computing markets, addressing needs such as power management, protection, advanced communications, and wireless charging. Its LoRa® devices and wireless radio frequency technology enable long-range, low-power communication capabilities for IoT applications.
Prior to this rating action, on September 22, 2026, Semtech's stock closed at $174.33. This latest close represents a price change of +15.52% from the one-week baseline close of $150.91 on September 15, 2026, and a price change of +40.49% from the one-month baseline close of $124.09 on August 21, 2026.
As of September 15, 2026, the current consensus target mean for Semtech was $214.98, with a median target of $209.10, representing an implied change of +23.32% from the baseline. This consensus target mean revised upward by +0.86% from the prior consensus target mean of $213.15 recorded on August 28, 2026. In the recommendation period ending September 1, 2026, the aggregate analyst sentiment showed 5 strong buy, 16 buy, and 2 hold recommendations, resulting in a positive recommendation percentage of 91.3% and a hold percentage of 8.7%. In the prior recommendation period ending August 1, 2026, there were 5 strong buy, 14 buy, and 3 hold recommendations, representing a positive percentage of 86.4% and a hold percentage of 13.6%.
On August 25, 2026, Semtech reported its latest earnings, posting an actual EPS of 0.71 against an estimate of 0.626, representing a positive surprise of +13.42%. The company's actual revenue reached $341,900,000.00, exceeding the estimated revenue of $335,213,432.00. In an EX-99.1 filing dated August 25, 2026, titled "Semtech Announces Second Quarter of Fiscal Year 2027 Results," the company provided a total semiconductor products gross margin metric and discussed investment gains, losses, reserves, impairments, and an adjusted gross margin excluding business held for sale. Previously, in an EX-99.1 filing dated August 13, 2026, Semtech announced a definitive agreement on the sale of its cellular module business to Compal Electronics.
Other recent analyst actions include an upgrade by Northland Capital Markets on August 27, 2026, from Market Perform to Outperform. On the same day, Baird maintained its Outperform rating. On August 26, 2026, Morgan Stanley maintained an Equal-Weight rating, UBS maintained a Buy rating, and Needham reiterated its Buy rating. Additionally, Roth Capital maintained a Buy rating on August 24, 2026.
Recent analyst actions
| Date | Analyst | Prior | Latest recommendation | Action |
|---|---|---|---|---|
| September 23, 2026 | Seaport Global | Buy | initiated coverage | |
| August 27, 2026 | Baird | Outperform | Outperform | maintained |
| August 27, 2026 | Northland Capital Markets | Market Perform | Outperform | upgrade |
| August 26, 2026 | Morgan Stanley | Equal-Weight | Equal-Weight | maintained |
| August 26, 2026 | UBS | Buy | Buy | maintained |
| August 26, 2026 | Needham | Buy | Buy | reiterated |
| August 24, 2026 | Roth Capital | Buy | Buy | maintained |
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This story originally appeared on Fintel.