Semtech price target raised to $85 from $61 at B. Riley

B. Riley raised the firm’s price target on Semtech (SMTC) to $85 from $61 and keeps a Buy rating on the shares. The company’s Q3 result solidly exceeded consensus, and Q4’s guidance upside was even more material, the analyst tells investors in a research note. The firm cites its higher estimates and growing execution confidence for the target increase. Riley says Semtech is “becoming an increasingly well-diversified AI growth play.”