BMO Capital Raises Semtech (SMTC) Price Target to $230

BMO Capital has reiterated its Outperform rating on Semtech with a new price target of $230, a 63.61% upside from the current price.

By EarningsIQ Research Desk · Published Oct 16, 2026, 2:24 PM EDT

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BMO Capital raised its price target on Semtech Corporation ($SMTC) to $230 from $155 on October 13, 2026, and rates the stock "Outperform".

Since the rating, $SMTC is down 20.9% to date (from the $172.78 close on Oct 13, 2026).

SMTC Semtech Corporation

$136.73 +81.68% year to date

Daily close · Oct 16, 2026

Key Points

On October 13, 2026, BMO Capital reaffirmed its Outperform rating on Semtech Corporation, setting a price target of $230, up from a prior target of $155.
BMO Capital's $230 price target implies 63.61% upside from Semtech Corporation's ($SMTC) current $140.58 share price.
Semtech's stock is currently trading at $140.58, which is about 38.9% below BMO's new price target.
The company is scheduled to report its next earnings on November 23, 2026, and has shown a revenue growth of 32.7% year-over-year.

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BMO Capital has reiterated its Outperform rating on Semtech Corporation (SMTC) with a new price target of $230 on October 13, 2026. This is an increase from their previous target of $155. The stock, however, is currently trading at $140.58 as of October 16, 2026, which puts it about 38.9% below the new target price.

Other Institutional Activity in Semtech

Several institutional investors have adjusted their stakes in Semtech. Blackrock Inc. reduced its holdings by 447,293 shares, ending with 9,749,439 shares valued at approximately $1.33 billion. Vanguard Portfolio Management LLC also trimmed its position by 1,594,355 shares, now holding 5,328,594 shares worth around $728.6 million. Meanwhile, Vanguard Capital Management LLC added 54,302 shares, bringing its total to 4,199,493 shares valued at about $574.2 million. Ameriprise Financial, Inc. cut its stake by 3,999,248 shares, now holding 3,450,916 shares worth approximately $471.8 million. Lastly, State Street Corporation reduced its holdings by 670,178 shares, ending with 3,389,044 shares valued at around $463.4 million.

Semtech Corporation Stock Down 2.5%

Semtech's stock is currently trading at $140.58, which is significantly below the new price target of $230 set by BMO Capital. This price point indicates that the stock is currently undervalued according to the analysts' expectations. The stock has shown volatility, with a beta of 2.353, meaning it is more volatile than the overall market.

12-month forecast

$SMTC price target

Semtech Corporation daily closes and this analyst's $230 target. Not advice.

Recent Earnings

In its latest earnings report, Semtech reported trailing twelve-month revenue of approximately $1.17 billion and earnings per share of $1.52. The company has a net margin of 13.1% and a return on equity of 23.7%. The next earnings report is scheduled for November 23, 2026.

Insider Buying and Selling at Semtech Corporation

Insider transactions at Semtech have shown some activity. On September 4, 2026, CEO Hong Q. Hou sold 2,000 shares at an average price of $138.71, totaling about $277,420. CFO Mark Lin sold 683 shares on September 10 at $159.90, valued at approximately $109,212. He also sold 967 shares on October 1 at $178.87 for about $172,967. Additionally, on October 2, CEO Hong Q. Hou sold another 2,000 shares at $191.21, worth around $382,420.

Analysts Set New Price Targets

On October 13, 2026, BMO Capital maintained its Outperform rating for Semtech with a new price target of $230, up from $155. This follows several other recent ratings, including an upgrade by Northland Capital Markets to Outperform with a target of $182 on August 27, and an initiation of coverage by Seaport Global with a Buy rating and a target of $200 on September 23.

About Semtech Corporation

Semtech Corporation, headquartered in Camarillo, California, provides semiconductor solutions and Internet of Things systems across various regions, including Asia-Pacific, North America, and Europe. The company operates in three segments: Signal Integrity, Analog Mixed Signal and Wireless, and IoT Systems and Connectivity. This new analyst rating could reflect growing confidence in Semtech's future performance as it continues to expand in the technology sector.

Bottom Line

Semtech is set to report its next earnings on November 23, 2026. Investors will be watching to see how the company performs against the backdrop of these analyst ratings and the recent changes in institutional ownership.