Semtech Corporation (SMTC) stock is soaring 5.04% in pre-market trading on Monday, as investors react positively to a price target upgrade from Morgan Stanley and anticipate the company's upcoming earnings report.
Morgan Stanley raised its price target on Semtech to $64 from $59, while maintaining an Equal Weight rating on the shares. This upgrade comes just ahead of the company's third-quarter earnings report, which is scheduled to be released after the market closes on Monday. The raised price target suggests increased confidence in Semtech's near-term prospects, potentially driven by improved business outlook or industry trends.
The semiconductor supplier is expected to report earnings per share of $0.44 for the third quarter, according to analyst estimates. As one of the key players in the semiconductor industry, Semtech's performance and outlook could provide valuable insights into the broader tech sector. Investors will be closely watching the earnings report for indications of the company's growth trajectory and any guidance on future performance, particularly in light of the ongoing challenges and opportunities in the global semiconductor market.