{"id":58836,"date":"2023-09-09T05:17:27","date_gmt":"2023-09-09T09:17:27","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/semtech-announces-new-cfo-and-loses-an-analyst\/"},"modified":"2023-09-09T05:17:30","modified_gmt":"2023-09-09T09:17:30","slug":"semtech-announces-new-cfo-and-loses-an-analyst","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=58836","title":{"rendered":"Semtech announces new CFO, and loses an analyst"},"content":{"rendered":"
\n

Semtech Corp. welcomed a new chief financial officer into the fold Friday, but lost a stock analyst\u2019s coverage a few hours later, as the analog and mixed-signal chip maker\u00a0prepares for a delayed earnings report on Wednesday.<\/p>\n

Semtech
\n SMTC,
\n -1.82%<\/bg-quote>
\n shares were last up 0.1% after hours, having been up as much as 2%. That move followed a 1.8% decline in the regular session Friday, to close at $24.21.<\/p>\n

\n

Right after the close of markets Friday, Semtech announced its board appointed Mark Lin as the company\u2019s new chief financial officer to succeed Emeka Chukwu. <\/p>\n

The company said Lin\u2019s appointment becomes effective once he starts employment with the company, no later than Oct. 4. Semtech noted Lin has served as corporate controller of chip maker MKS Instruments Inc.
\n MKSI,
\n -0.91%<\/bg-quote>
\n since November 2019, after 14 years at Microsemi Corp.<\/p>\n

Less than a few hours later, a note appeared from TD Cowen analyst Matthew Ramsay, stating he was discontinuing coverage of the stock, and that his \u201cprevious investment rating, price target and earnings estimates are no longer in effect and should not be relied upon.\u201d<\/p>\n

Ramsay told MarketWatch in an emailed response to questions that the coverage drop had \u201czero to do with the new CFO and was not at all a reflection on the CFO announcement (the who, the timing, or otherwise).\u201d<\/p>\n

\u201cThis was a decision made between myself and TD Cowen research management earlier this week and well before the CFO announcement and very much is a decision based on finite research resources and so much else going on in the semis industry where we are spending our time,\u201d Ramsay said in emailed comments.<\/p>\n

The analyst added that such discontinuation announcements customarily come out at 6 p.m. Eastern time at the end of the week, and \u201cthat alone created the timing versus the CFO announcement.\u201d<\/p>\n

That leaves Semtech with 12 analysts covering the stock, according to FactSet data, including nine buy ratings and three hold ratings.<\/p>\n

On Wednesday, Semtech left notice with the Securities and Exchange Commission that it would file its quarterly report late. Following that, Ramsay issued a note that his model was under review as he saw a \u201cvery tough restructuring and turnaround both far from being over.\u201d<\/p>\n

On Thursday morning, Semtech rescheduled its earnings report and conference call with analysts, to Sept. 13, after the close of markets.<\/p>\n

Ramsay said Semtech\u2019s expected goodwill impairment of about $340 million marked \u201ca shockingly rapid recognition\u201d of the impact from the company\u2019s $1.2 billion cash acquisition of Sierra Wireless. Ramsay had warned of \u201ca potential correction coming\u201d in the acquired business in a June note.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Semtech Corp. welcomed a new chief financial officer into the fold Friday, but lost a stock analyst\u2019s coverage a few hours later, as the analog and mixed-signal chip maker\u00a0prepares for a delayed earnings report on Wednesday. Semtech SMTC, -1.82% shares were last up 0.1% after hours, having been up as much as 2%. That move […]<\/p>\n","protected":false},"author":1,"featured_media":58837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-58836","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nSemtech announces new CFO, and loses an analyst | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Semtech Corp. welcomed a new chief financial officer into the fold Friday, but lost a stock analyst\u2019s coverage a few hours later, as the analog and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=58836\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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