Semtech Corp's stock fell 5.06% during intraday trading on Monday, as the chip sector experienced a broad decline.
Chip stocks fell across the board on Monday, with companies like Navitas, Seagate Technology, SanDisk, Western Digital, and others posting significant losses. This sector-wide downturn pressured Semtech's shares despite positive analyst action.
Earlier in the day, UBS raised its price target on Semtech to $165 from $105, but this positive news was overshadowed by the broader market sentiment affecting chip stocks.
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