Analysts are Downgrading These 5 Tech Stocks

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In this article, we discuss the 5 tech stocks recently downgraded by analysts. If you want to see some more tech stocks receiving updated recommendations from analysts, go directly to Analysts are Downgrading These 10 Tech Stocks.

5. Semtech Corporation (NASDAQ:SMTC)

Number of Hedge Fund Holders: 27

Semtech Corporation (NASDAQ:SMTC) received downgrades from a number of research firms on Thursday, September 1, 2022, after it issued a gloomy outlook for its fiscal third quarter. As a result, the stock lost over 27 percent of its value in the previous trading session.

Cowen analyst Matthew Ramsey lowered his ratings for Semtech Corporation (NASDAQ:SMTC) from “Outperform” to “Market Perform,” citing weak Q3 guidance. Ramsey added that the ongoing economic slowdown, particularly in China, is resulting in softer demand trends. He also cut his price target for Semtech Corporation (NASDAQ:SMTC) from $65 per share to $43 per share.

In addition, Oppenheimer downgraded Semtech Corporation (NASDAQ:SMTC) from “Outperform” to “Perform,” while B. Riley cut its price target for the stock from $63 to $53 on September 1.

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