Lattice Semiconductor Stock Plunges on Weak Earnings. Why It Could Make a Comeback. -- Barrons.com

Dow Jones11-05

By Brian Swint

Shares of Lattice Semiconductor, the company that makes chips for the industrial and automotive sectors, were falling sharply Tuesday after it posted results that missed expectations.

The stock tanked 16% in the premarket to $43.75. Coming into the session, the shares were up 19% over the past three months, but still 25% lower than where they started the year.

After the bell on Monday, Lattice reported earnings per share of $1.06 for the third quarter, well below the $8.69 from a year earlier and worse than the $2.75 expected by analysts.

The company is reducing its workforce to cut costs, and executives said there will be little growth through the beginning of next year. At the same time, Lattice will soon announce new products and its backlog on orders is getting stronger.

"While the outlook is clearly disappointing, we see little reason to suspect any structural issues, and are encouraged by aggressive inventory/cost reduction actions," said Raymond James analysts led by Srini Pajjuri. They expect that Lattice "will sustain double-digit growth longer-term on the back of cyclical recovery, secular content gains, and new products."

Raymond James lowered its price target for the shares to $52 from $55 but maintained an Outperform rating.

Write to Brian Swint at brian.swint@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

November 05, 2024 08:20 ET (13:20 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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