Lattice Semiconductor tumbles 17% on guidance miss; numbers cut across the Street

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Lattice Semiconductor tumbles 17% on guidance miss; numbers cut across the Street
Credit: © Reuters.

Lattice Semiconductor (NASDAQ: LSCC ) shares dropped more than 17% in early New York trading on Tuesday after the company reported Q3 results and offered an underwhelming guidance. The Q3 EPS of $0.53 and revenues of $192.17 million came in better than the consensus estimates of $0.52 and $192.08M, respectively.

"We delivered another quarter of solid growth, with Q3 2023 revenue and net income increasing 11% on a year-over-year basis. Today Lattice has the strongest product portfolio in our 40-year history and we continue to rapidly expand our product lineup,” said CEO Jim Anderson.

For Q4/23, the company expects revenue to be in the range of $166M-$186M, missing the consensus estimate of $195.8M.

The company attributed weakness in its outlook to softening demand in several industries, including autos.

KeyBanc analysts slashed the price target by $30 to $80 per share.

"We remain Overweight, and continue to see outsized growth opportunities via share gains and the ramp of Avant," they said.

Similarly, BofA analysts slashed the price target to $72 per share on the Neutral-rated LSCC stock.

"While revised expectations in place likely more achievable, we lower our PO to $72 (from $90) on unch. 35x CY24 P/E (in line with prior and with 5-yr average)," the analysts wrote.

(Additional reporting by Senad Karaahmetovic)

 

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