B. Riley reiterated its Buy rating on Semtech Corp. and raised its price target to $210.00. The analyst action followed a pullback in Semtech shares after the company's Data Center Analyst Day on October 15.
At the event, Semtech materially increased its outlook for the third quarter of fiscal 2027. The company expects its Data Center business to more than double in fiscal 2027 and again in fiscal 2028.
Semtech is targeting $2.1 billion in Data Center revenue by fiscal 2030. The expected growth spans its optical, copper, and laser products.