Lattice Semiconductor price target raised to $83 from $75 at BofA

BofA raised the firm’s price target on Lattice Semiconductor (LSCC) to $83 from $75 and keeps a Neutral rating on the shares. Despite “another reset,” the firm sees Q2 as the bottom, with Q3 and Q4 recovering double digits quarter-over-quarter as auto and industrial inventory normalizes and as new product launches and software attach rates ramp, the analyst tells investors in a post-earnings note. While it believes Lattice is now past trough earnings, it keeps a Neutral rating as BofA still flags increasing competitive pressures given Intel’s (INTC) spinout of its FPGA business could intensify competition, with new/updated and expanded Agilex product portfolio launching in 2024 as well as from non-FPGA vendors longer-term.