Semtech shares gained after a quarterly beat and a bullish call from Baird. Analyst Tristan Gerra raised the price target to $70 from $50, implying 40% upside, citing strong FiberEdge bookings, LPO deals with US hyperscalers, and higher LoRa chipset growth forecasts. Management guided Q3 revenue to $266 million with AI-driven data demand seen as a key long-term growth driver.