Semtech shares are higher in Thursday trading as investors react to a bullish analyst update focused on the company’s copper interconnect growth runway. Baird raised its price target on Semtech to $110 from $88 and maintained an Outperform rating, citing a multi-year revenue growth path for copper and expecting significant revenue acceleration in the second half of the year.

Semtech’s recent narrative has been increasingly tied to data-center connectivity and copper/linear-interconnect opportunities, where incremental design wins or clearer revenue timing can quickly change sentiment. A higher target can also act as a near-term catalyst when the stock is already trending with AI-infrastructure enthusiasm, pulling in momentum and quant-driven flows that follow research revisions.

Investors will likely focus on any updates that clarify (1) timing and magnitude of second-half acceleration, (2) customer adoption/qualification progress for active copper cable solutions, and (3) the durability of the company’s longer-term revenue trajectory as it balances data-center connectivity with its broader IoT portfolio. Additional target changes from other firms and any new company presentations can amplify day-to-day volatility if they confirm or challenge the second-half ramp narrative.