Semtech Corp. advanced in early trading after reporting fiscal second-quarter results that topped Wall Street expectations and prompted a wave of analyst upgrades. The analog and mixed-signal chipmaker posted revenue of $257 million and adjusted earnings of $0.41 a share, both ahead of consensus estimates. The stock rose about 4 % in pre-market dealings, with analysts citing stronger demand for Semtech’s high-performance analog solutions. Following the release, Piper Sandler lifted its price target to $65 from $55 and kept an Overweight rating, while Needham boosted its target to $60 from $54 and reiterated a Buy recommendation. Benchmark maintained its Street-high $68 target and Buy rating, and Craig-Hallum moved to $62 from $55 with a similar stance. Northland Capital also increased its target to $53 from $48, saying the quarter demonstrates improving operating leverage as the company integrates recent cost-cutting efforts.