Semtech (SMTC -15.7%) catches downgrades from Oppenheimer (Outperform to Perform, $34 PT removed), Raymond James (Strong Buy to Outperform), and Williams Financial (Buy to Hold, $32 PT to $27). The firms join B. Riley, who downgraded shares to Sell earlier.
Williams' Cody Acree notes that yesterday is the first time Semtech has negatively pre-announced since CEO Mohan Maheswaran joined in 2006. "After touching base with management last night, we're less concerned about broader wireless market implications and are not surprised by continued gyrations and end-of-year constraints in carrier spending. However, we do see significantly less visibility to identifiable near-term growth drivers," he adds.