Semtech is a "hidden AI gem" that is not being appreciated by Wall Street, according to Baird.
The firm added the semiconductor manufacturer to its "fresh pick" list and reiterated its outperform rating on Tuesday.
Its $40 price target suggests nearly 80% upside from Monday's close.
Semtech is "firmly entrenched as the leader" in that space due to its time to market, product performance and depth of customer relationships, Gerra noted.
Shares of Semtech were up nearly 7% during midday trading but have fallen 25% over the past 12 months.
Persons:
Wall, Baird, Tristan Gerra, Gerra