In a report released today, Quinn Bolton from Needham maintained a Buy rating on Lattice Semiconductor (LSCC – Research Report), with a price target of $75.00.
Quinn Bolton has assigned a Buy rating to Lattice Semiconductor’s stock for several reasons, considering the company’s future prospects despite current market headwinds. The recent quarter saw Lattice’s revenue being affected by a reduction in telecommunications capital expenditures and a general slowdown in the Industrial sector, leading to an earnings miss and a cautious forward guide. However, Bolton remains optimistic about the company’s performance in the second half of 2024, anticipating that by then, customer inventory levels will normalize and contributions from new Nexus and Avant product lines will begin to positively impact revenue.
Moreover, Bolton’s confidence is bolstered by the expected growth in the company’s “AI revenue,” which is predicted to double over the next few years from the $100 million achieved in the calendar year 2023. Despite the conservative stance on near-term estimates to account for the current market uncertainty, Bolton’s unchanged price target of $75 is rooted in a valuation that applies a 35x multiple to the revised CY26 EPS, indicating a favorable long-term outlook for Lattice Semiconductor. This suggests that the temporary setbacks are viewed as just that—temporary—and that significant growth opportunities lie ahead for the company.
In another report released today, Deutsche Bank also maintained a Buy rating on the stock with a $75.00 price target.
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Lattice Semiconductor (LSCC) Company Description:
Lattice Semiconductor Corp. designs, develops and markets programmable logic products and related software. The company includes semiconductor devices, evaluation boards, development hardware, and related intellectual property licensing, services, and sales. It provides smart connectivity solutions powered by its low power FPGA, video ASSP, millimeter wave, and IP products to the consumer, communications, industrial, computing, and automotive markets. The company was founded in 1983 by Samir Palnitkar and is headquartered in Hillsboro, OR.
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