Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Lattice Semiconductor Corporation (NASDAQ:LSCC) reported upbeat first-quarter financial results, but issued weak revenue forecast for the second quarter on Monday.
Lattice Semiconductor reported quarterly earnings of 29 cents per share which beat the analyst consensus estimate of 28 cents and is a 43.14% decrease from earnings of 51 cents per share from the same period last year. Quarterly sales clocked in at $140.815 million, beating the analyst consensus estimate of $140.138 million by 0.48% and representing a 23.6% decrease from sales of $184.31 million from the same period last year, according to data from Benzinga Pro.
"First quarter 2024 results came in as expected and reflect the near-term impact of cyclic industry headwinds. Despite near-term headwinds, the Company is well-positioned for the long-term as we execute on the largest product portfolio expansion in our history," said Jim Anderson, CEO of Lattice.
Lattice said it sees second-quarter revenue of between $120 million and $140 million, versus the $140.46 million analyst estimate.
Lattice Semiconductor shares rose 4% to close at $76.86 on Monday.
These analysts made changes to their price targets on Lattice Semiconductor following earnings announcement.
- Needham raised the price target on Lattice Semiconductor from $75 to $80. Needham analyst Quinn Bolton maintained a Buy rating.
- Susquehanna boosted the price target on Lattice Semiconductor from $78 to $85. Susquehanna analyst Christopher Rolland maintained a Positive rating.
- Benchmark increased the price target on Lattice Semiconductor from $80 to $85. Benchmark analyst David Williams maintained a Buy rating.
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