These 10 Firms Were Last Week’s Worst Performers

7. Semtech Corp. (NASDAQ:SMTC)

Semtech shares retreated by 18.6 percent last week from the $66.96 finish on January 31 to end Friday’s trading at $54.51 apiece following a stock rating downgrade from an analyst, citing slower take-up in the chipmaker’s products.

Shares of the company were trading around the $60 level most of the week before losing momentum after Baird analysts markedly lowered their price target for SMTC to $60 from $80 previously while maintaining an “outperform” rating on the stock.

The analysts cited slower-than-expected take-up in SMTC’s active copper cables (ACC), which offer extended reach to allow for high-volume switch-to-server connections.

The brokerage firm also noted that it observed muted activity in overall ACC take-up.

“ACC benchmarking activity has been muted in the past few months outside of Meta. ACCs and LPOs remain a medium-term opportunity for Semtech and are the basis for our Outperform rating; however, investors should brace for near-term turbulence,” Baird said in its note.