BUZZ-Semtech drops after lowering CopperEdge forecasts
ReutersFeb 10, 2025 10:08 AM
Shares of Semiconductor supplier Semtech SMTC.O slumps 25.1% premarket to $40.81
Co's stock lost nearly 10% on Friday
SMTC in its 8-K filing says FY26 net sales from its CopperEdge products expected to be lower than previous forecasts of $50 mln
SMTC lowers forecasts due to rack architecture changes, with no expected ramp-up over the course of fiscal year 2026
Brokerage Piper Sandler cuts PT to $55 from $75 after the filing, says "we recognize a setback here"
"Primary reason for our estimate reduction is due to a change of rack architecture at Nvidia, which reduces our forecast around SMTC's active copper cable (ACC) opportunity" - Piper Sandler
SMTC gained 182.3% in 2024 and is down 11.9% YTD
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