Smtc stock forecast shows moderate bullish momentum in

SMTC stock forecast shows moderate bullish momentum in early Q3 2024 trading, with analysts citing semiconductor sector resilience despite macroeconomic uncertainties. Current market price trends indicate potential upside if quarterly earnings outperform consensus estimates. The 14 semiconductor manufacturing stocks we track reported a strong Q2. As a group, revenues beat analysts’ consensus estimates by 1.9% while next quarter’s revenue guidance was 2.7% below. The adjusted operating margin widened by more than 450 basis points, leaving the adjusted earnings at 41 cents or up nearly 275% on a YOY basis. More importantly, free cash flow was positive, more than $41 million, contrary to last year’s cash burn. Recent trading volume spikes align with upward revisions in SMTC stock forecast, hinting at strong institutional interest. MACD indicators suggest a possible crossover into bullish territory in the upcoming sessions.