On June 25, Semtech rose 5.23% in pre-market trading, trading at $165.33/share, with turnover of $140,700.
On the news front, the semiconductor sector staged a collective rally, with Micron Technology surging 16.09%, Intel up 5.66%, Advanced Micro Devices up 3.55%, Broadcom up 1.94%, and NVIDIA up 1.35%, driving broad-based sector recovery that lifted Semtech higher. The stock had declined over 6% on June 23 amid sector-wide selling pressure, and the current move represents a technical recovery from oversold levels.
On the fundamental side, Semtech previously reported first fiscal quarter adjusted earnings per share of $0.51, beating consensus estimates by 13.33%, with net income attributable to the parent company growing 37.31% year-over-year. Morgan Stanley raised its target price to $175, above the current trading level, providing additional support for the rebound.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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