SMTC - Why Semtech Stock Was Soaring Higher This Week
2024-03-29 10:20:56 ET
Semtech (NASDAQ: SMTC) is not one of the more recognizable names in the tech sector, but investors were drawn to it regardless this week after it was tagged as a top stock pick by an analyst. This helped push the Internet of Things (IoT) chipmaker's shares up by almost 20% week to date as of early Friday morning, according to data compiled by S&P Global Market Intelligence .
Before market open Tuesday, Baird's Tristan Gerra included Semtech in his "Bullish Fresh Pick" list of attractive stocks. He made the move following a set of meetings with the company.
In the wake of these, he wrote, "We've come to believe that Semtech is very well positioned in the upcoming ramp of new AI platforms, while the ramp of [linear pluggable objects] and the next wave of optical links represent new, significant catalysts as well."
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Why Semtech Stock Was Soaring Higher This Week