Semtech closed at $135.40 on September 3, up 1.16% and holding above both the ($133.84) and ($133.08) for a second consecutive session — the base repair that began with the September 1 intraday reversal off $124.83 is now confirmed by two clean closes above the medium-term averages, with the September 3 dip to $126.75 again testing and defending the $127-130 support cluster. The macro tape turned decisively risk-on: fell 5.79% to 14.32, the S&P gained 1.06%, the Nasdaq rallied 1.40%, and the Russell 2000 added 0.51% — exactly the backdrop where a 2.35-beta name catches systematic bids — though the 10-year yield at 4.76% remains a persistent multiple-compression overhang. The fundamental thesis is exceptionally strong: six consecutive beats culminating in a +15.6% surprise, a Q2 FY27 beat ( $0.71 vs. $0.61, revenue $341.9M, +32.7% YoY), a Q3 guide of $410M revenue / ~$1.06 midpoints implying ~54% YoY growth, record data center revenue of $100M (+91% YoY) with 1.6T FiberEdge share guided above 50% by fiscal 2027-end, record LoRa sales of $58M (+58% YoY), and one-directional estimate revisions — 12 upward current-quarter revisions in seven days with zero downgrades anywhere, next-FY estimates up 50% to $5.84, and a 1 Strong Buy / 13 Buy / 1 Hold / 0 Sell recommendation mix. September 3 brought a media trifecta: two Zacks technical alerts broadcasting the 20-day and 50-day moving average reclaims alongside Zacks Rank #1 status, plus a Zacks 'Bull of the Day' feature arguing SMTC is 'on sale' below $130 at roughly 6x forward sales for a business growing 40%+, citing the $200B AI connectivity TAM and NVIDIA's $2B strategic investments into optical peers Lumentum, Coherent, and Marvell as thematic validation. The counterweight remains the September 2 StockStory piece flagging SMTC's ~27x forward as a reason to pass, persistent insider selling (five disposals, ~$1.3M, zero buys), 9.0% short interest, and a thrice-rejected $142-150 supply zone that must be reclaimed with volume to resume the uptrend. Momentum is improving — histogram expanded from +0.41 to +0.48, recovered to 51.8, and rebuilt to 48.8M — but the September 3 volume of 1.83M was only 0.58x the 20-day average, so the repair still lacks institutional volume confirmation. The next earnings report is 80 days away (November 23), with the October investor event (multiyear targets expected) as the interim catalyst. We maintain BUY across all horizons: the $124-125 floor has been tested and defended twice, the averages have been reclaimed, and the estimate-reset thesis is intact — but the burden of proof sits at $142.07, and a daily close below $124 remains the exit line.
Decision
Live price
$159.13
Recommendation score
76%
76%
Confidence
72%
72%
Outlook by horizon
1M
BUY
Near
6M
BUY
Mid
1Y
BUY
Long
Primary catalyst
The September 3 Zacks 'Bull of the Day' feature is the highest-impact item: it synthesizes the full fundamental case ( estimates up 30-50%, data center +91% YoY, 3.2T content expansion, HieFo acquisition, NVIDIA's optical investments) and explicitly instructs readers to buy below $130, immediately after two Zacks technical alerts broadcast the moving-average reclaims. Three bullish media placements in a single session on the flow channel, following the two-session base repair, materially raises the probability of a volume-confirmed push through $142 — though the StockStory bearish feature one day earlier is a reminder that sentiment channels are not uniformly aligned.
Stability ClassHigh-Beta GrowthPortfolio RoleSatellite UpsideDrawdown RiskVery HighRisk ProfileAggressiveAI Networking1.6T Optical CycleEstimate Revision SurgeHigh VolatilityInsider SellingLoRa ExpansionPEG Under 1.0Moving Average Reclaim
Decision Workspace
Price Map
60-day setup
Price rail
$159.13
Stop
Now
$119
$140
$161
$182
Stop loss
$124.00
Entry
$128.00 - $134.00
Exit
$155.00 - $177.00
Risk / reward
5.0x
Favorable
Downside to stop
-22.1%
Upside to exit
+11.2%
Position sizing
Keep SMTC at a 2-3% satellite-sleeve position given beta of 2.35, ~91% realized volatility, ~7.9% daily , and 9.0% short interest; at 14.32 in risk-on territory supports the upper end of that band, but the 4.76% 10-year and the StockStory bearish feature argue against full sizing. The September 3 close at $135.40 sits just above the $128-134 accumulation band — partial fills are appropriate here; add on a retest of $130-132 that holds, or a confirmed daily close back above $142 with volume. Do not chase bounces above $140 into the $142-150 supply. Treat any daily close below $124 as an exit signal, not an averaging opportunity — September 1's $124.83 flush consumed most of the remaining buffer above that line.
Thesis Snapshot
Why It Works
Semtech offers the rare combination of accelerating fundamentals and a now-battle-tested entry price: six consecutive beats with the latest a +15.6% surprise, a Q3 guide 14.6% above revenue consensus and ~44% above consensus, current-quarter estimates up 45% in a week with zero downward revisions anywhere, next-FY estimates up 50% to $5.84, and Zacks modeling 94.7% earnings growth for fiscal 2027. The tape has now repaired on schedule: the stock gapped down into the invalidation zone at $124.83 on a uniformly red macro tape and buyers defended the line without panic volume, then reclaimed the / on September 2 and held both averages through a second probe on September 3 — all while collapsed 5.79% to 14.32 and the Nasdaq gained 1.40%, flipping the regime decisively risk-on for a 2.35-beta name. The media flow has caught up: three Zacks features in two days (analog top-pick, AI momentum screen, Bull of the Day) plus two technical-alert broadcasts are pointing both systematic and discretionary capital at the name, NVIDIA's $2B optical investments validate the theme, and the October investor event offers a fresh catalyst runway. At $135.40 the effective forward multiple is 23.2x with an implied well below 1.0x, the mean analyst target of $209.29 implies 55% upside and even the street-low $155 target implies 14% — the fundamental thesis is stronger than it was at $150, and the price is 10% lower with the floor now proven twice.
What Breaks It
The honest read of the past week is that a blowout guide, a media blitz, and a risk-on tape could not hold the price above $140 for more than a few hours, and the September 1 gap-down consumed nearly all the remaining buffer above the $124 invalidation line — the market has already judged that the story is largely priced, and three consecutive fades from the $142-150 zone is what distribution looks like before it is confirmed. The September 2-3 average reclaims happened on only 0.55-0.58x average volume, meaning the repair lacks institutional confirmation; if $124 finally breaks, the 9.0% short interest likely accelerates the move toward $115. At 10.8x sales and 71.4x with a 1.05% FCF yield, the stock is dependent on delivering a $410M/~$1.05 quarter that resets the bar 44% higher, and the September 2 StockStory piece explicitly published the bear framework — flagging SMTC as a mid-cap to pass on at ~27x forward . The Bull of the Day's own disclosure that ~47% of revenue comes from Greater China is a geopolitical landmine the bullish narrative glosses over. If 1.6T FiberEdge share gains attract pricing competition, or fiscal 2028 capacity constraints (management admits current capacity may not cover demand and is weighing prepayments) delay revenue, the multiple unwinds fast. Insiders are only sellers, GAAP margins sit far below non-GAAP optics, and the 10-year at 4.76% is a persistent compression risk for a 2.35-beta name. The prior analysis' entry zone has now been tested repeatedly from above — supply at $142-150 has proven stronger than the model assumed on every pass, and each failed retest brings the $124 stop closer to being triggered.
A daily close below $124.00 (breaking the August 25 higher low at $124.11 and the September 1 flush low at $124.83 after the $127-132 support cluster already failed twice) would invalidate the technical setup; fundamentally, any guidance softening, 1.6T share-loss commentary, a delay in the Compal divestiture close, or evidence that fiscal 2028 capacity constraints are pushing out bookings would negate the thesis regardless of the chart.
Execution risk on Q3 guidance of $410M revenue / ~$1.05 — a ~54% YoY growth quarter that must be delivered to justify 71.4x and an estimate reset that is only days old; the conservatism cushion has been spent
Fiscal 2028 capacity constraint: management says current capacity may not cover fiscal 2028 demand and is considering prepayments and capital support, introducing capex, cash, and timing risk against a 1.05% FCF yield
Geopolitical/customer concentration: ~47% of net sales come from Greater China (per the Zacks Bull of the Day), two customers account for 14% and 11% of sales, and any tariff escalation or hyperscaler capex pause would hit a 2.35-beta stock hardest — the 10-year at 4.76% compounds the multiple-compression risk
Persistent insider selling with zero buys, plus 9.0% short interest and a 3.33 short ratio that amplify downside moves on any stumble; the thrice-rejected $142-$150.37 supply zone caps the risk-reward on chased entries, and the volume-less nature of the September 2-3 reclaim (0.55-0.58x average) leaves the repair vulnerable to reversal — while the September 2 StockStory bearish feature provides a ready-made narrative for de-risking
Watch Next
Next earnings: Nov 23, 2026
The September 3 Zacks 'Bull of the Day' feature is the highest-impact item: it synthesizes the full fundamental case ( estimates up 30-50%, data center +91% YoY, 3.2T content expansion, HieFo acquisition, NVIDIA's optical investments) and explicitly instructs readers to buy below $130, immediately after two Zacks technical alerts broadcast the moving-average reclaims. Three bullish media placements in a single session on the flow channel, following the two-session base repair, materially raises the probability of a volume-confirmed push through $142 — though the StockStory bearish feature one day earlier is a reminder that sentiment channels are not uniformly aligned.
Signal Dashboard
Decision inputs
6 signals
Fundamental
54.6%
Upside to analyst mean target
At $135.40 the growth-adjusted picture remains compelling on reset numbers: the database forward is 23.2x against next-FY estimates of $5.84 (up 50% from $3.89 ninety days ago) and roughly 39x against current-FY estimates of $3.47 (up 31% in seven days). With next-FY growing ~68% over the current fiscal year, the implied is well below 1.0x — an attractive multiple for a business guiding revenue up ~54% YoY next quarter and 32.7% in the just-reported quarter, and in line with the analog/mixed-signal industry's 23.22x forward per the September 2 Zacks feature (itself a 17.5% discount to the industry's one-year median). The Zacks Bull of the Day frames it even more aggressively at roughly 6x forward sales for 40%+ growth. Absolute multiples remain rich — 10.8x sales, 71.4x , 22.0x book — and the FCF yield is only 1.05%, so the valuation case rests entirely on delivering the estimate reset; the September 2 StockStory piece explicitly flags SMTC's ~27x forward (on its own calculation) as a reason to pass, confirming that a valuation-skeptic camp exists in the media flow. But versus the failed $155.77 breakout and the $150.37 post-earnings high, the stock offers a genuine margin of safety relative to growth that did not exist two weeks ago.
Technical
Bullish
Trend quality
Price at $135.40 is above the ($107.32) by ~26%, so the long-term uptrend remains fully intact and the sits well above the — the golden-cross structure is in place, and the September 3 Zacks alerts broadcast the 20-day and 50-day simple moving average reclaims to the flow channel. The September 2-3 closes at $133.85 and $135.40 mark two consecutive sessions above both the ($133.84) and ($133.08) — the first sustained reclaim since the post-earnings fade — converting the September 1 flush-and-reversal (gap down to $127.63, sweep to $124.83 within $0.72 of the August 25 structural low at $124.11, close at $132.27) into a confirmed base repair. The structure remains a basing/consolidation between $124 and $150: the August 17 breakout to $155.77 failed, the stock flushed to $115.00 on August 24, reversed at $124.11, surged to $150.37 post-earnings, faded to $130-131, and has now twice defended the $124-129 zone — with $142.07 the level that must be reclaimed with volume to resume the uptrend. The medium-term trend has shifted from balanced to constructive.
Earnings
80d
Accelerating
Q2 FY27 (July 2026): non-GAAP $0.71 vs. $0.61 consensus (+15.6% surprise) and above management's own $0.61 guide; revenue $341.9M vs. ~$328.6M consensus (+4.1% beat); adjusted $91.1M beat by over 23%; shares surged 9-10% on August 26, surrendered most of the gain by August 28, and have since based and repaired — the September 1 reversal defended $124.83 and the September 2-3 closes at $133.85/$135.40 reclaimed and held the /.
News
Mixed-Bullish
Headline tone
The September 3 Zacks 'Bull of the Day' feature is the highest-impact item: it synthesizes the full fundamental case ( estimates up 30-50%, data center +91% YoY, 3.2T content expansion, HieFo acquisition, NVIDIA's optical investments) and explicitly instructs readers to buy below $130, immediately after two Zacks technical alerts broadcast the moving-average reclaims. Three bullish media placements in a single session on the flow channel, following the two-session base repair, materially raises the probability of a volume-confirmed push through $142 — though the StockStory bearish feature one day earlier is a reminder that sentiment channels are not uniformly aligned.
Macro
Risk-On
4.76% 10Y / 14.3 VIX
at 14.32 after a 5.79% single-session drop has crossed below the 15 threshold into risk-on territory with a strongly green tape (S&P +1.06%, Nasdaq +1.40%), which is maximally supportive for a 2.35-beta AI networking name — but the 10-year at 4.76% and ~91% realized volatility mean positioning-driven air pockets remain amplified and sizing discipline still applies.
Stability
High-Beta Growth
Satellite Upside
Semtech remains a high-beta AI networking pure-play with a beta of 2.35, 20-day realized volatility of 90.8%, and an of $10.66 (roughly 7.9% of price) — the September 1 session swept from $124.83 to $134.74 (a 7.9% intraday span), and the August 24 flush to $115.00 demonstrated that 15% drawdowns can arrive without company-specific news. The fundamental setup, however, is among the strongest in the mid-cap semi universe: six consecutive beats culminating in a +15.6% surprise, a Q3 guide implying ~54% YoY revenue growth, current-quarter estimates up 45% in a week, next-FY estimates up 50% to $5.84, and an effective forward of 23.2x with an implied well below 1.0x. Net debt of $321M is only 2.5% of the $12.6B market cap, but 9.0% short interest, GAAP-vs-non-GAAP quality gaps, and semiconductor cyclicality keep drawdown risk Very High. This is a volatility-sized satellite upside position, never a core anchor.
Analyst Spread
Mean Target
$209.29
High / Low
$155 / $300
Median Target
$202.50
Consensus range
$155 - $300
— analysts
Mean
$155$209$300
Consensus
The mean target of $209.29 implies 55% upside from $135.40, the median is $202.50, and the street-high $300 target sits in the pool. The Zacks commentary notes a wide spread across targets with a low of $155 — reflecting genuine uncertainty about the durability of 50%+ growth — but critically even the most conservative target implies ~14% upside from the current price, and there are zero Sell ratings. The distribution is shifting up, not down: the recommendation mix improved to 1 Strong Buy / 13 Buy / 1 Hold from 1/11/2 three months ago. Standard caveats about analyst target inflation apply, but the empirical link between estimate-revision direction and near-term price performance — which is squarely positive here — is the more actionable signal.
Positioning Pulse
Insider Signal
Moderate Sell
Net Bias
Sell-heavy
Insider Own.
0.8%
Institutional Own.
101.5%
Interpretation
The steady one-way trickle of officer and director disposals with zero insider buying keeps the signal cautiously negative — total proceeds (~$1.3M across five filings) are immaterial against a $12.6B market cap and the pattern is consistent with pre-scheduled 10b5-1 diversification after a 135% run off the 52-week low, but insiders selling into post-earnings distribution is a yellow flag for conviction, not a thesis-breaker.
Notable activity
Officer Imran Sherazi disposed 7,911 shares (~$509K) plus an additional 6,301 shares, CFO Mark Lin disposed 6,114 shares (~$402K), COO Asaf Silberstein disposed 4,000 shares (~$264K), and Director Gregory Fischer disposed 1,888 shares (~$119K). No open-market purchases appear in the last 20 filings.
Market Context
Industry
Semiconductors
Bullish
Sentiment
60
Tracked names
13
Grouping
industry
Semiconductors industry is currently Bullish with an average recommendation score near 69. capital and conviction are improving across the group, and leadership is concentrated in NVDA, TSM, AVGO.
Rotation Drivers
Average recommendation deltas are trending higher across Semiconductors industry, which suggests improving risk appetite inside the group.
11 names are rated bullish versus 0 bearish names, keeping the group tone bullish.
Leadership is concentrated in NVDA, TSM, AVGO, so those names are the cleanest read on group-level capital rotation.
Semtech is a direct and newly-validated beneficiary of the AI networking buildout, with the Zacks Bull of the Day citing a $200B connectivity TAM and NVIDIA's $2B strategic investments each into Lumentum, Coherent, and Marvell confirming that hyperscaler capital is flowing into the optical layer where SMTC's FiberEdge/CopperEdge compete. Record data center revenue of $100M (+91% YoY), >50% expected 1.6T FiberEdge share, and a 3.2T design window opening in ~12 months give the theme multi-year legs for SMTC. The theme is strengthening on fundamentals and the flows side has turned back supportive: fell to 14.32, the Nasdaq gained 1.40%, and Zacks grouped SMTC with MTSI and MPWR as top sector picks while slotting it into the AI momentum screen.
NVIDIA's optical-peer investments plus three Zacks SMTC features in the September 2-3 window — against a tape that flipped decisively risk-on ( -5.79% to 14.32, Nasdaq +1.40%) — mark the moment capital rotation into AI connectivity re-accelerated, and SMTC's moving-average reclaims resolved the fundamentals-versus-flows tension in favor of buyers.
12 upward current-quarter revisions in 7 days with zero downgrades, and next-FY estimates up 50% to $5.84, mirrored across the complex (Zacks industry 2026 estimates +34.6% YoY; MACOM FY2026/2027 estimates up 9.1%/22.7% in 30 days; Monolithic Power Enterprise Data revenue +164.3% YoY)
NVIDIA's $2B strategic investments into LITE, COHR, and MRVL validating optical connectivity as the AI bottleneck, while the September 2-3 risk-on flip ( from 16+ to 14.32, Nasdaq +1.40%) restarted high-beta bid flow after the September 1 de-risking flush
IoT / LoRaWAN Connectivity
Score: 70
Bullish
Semtech's LoRa platform provides a second, less volatile growth engine: record $58M LoRa-enabled sales (+58% YoY), Q3 guided +65% YoY, and the August 28 launch of LoRa Plus LR2022/LR2012 transceivers adding multi-protocol, higher-data-rate and satellite connectivity for global asset tracking — directly contesting STMicroelectronics and Texas Instruments. Amazon Sidewalk's international expansion opens new demand channels, and the launch tests whether LoRa Plus design wins translate into higher-value silicon rather than the low-margin module volume analysts have flagged as a dilution risk. This theme diversifies SMTC from pure AI-capex beta and adds durability to the revenue base.
The LoRa Plus launch (August 28) landed during the post-earnings selloff, offering a product-catalyst offset to the price fade ahead of the October investor event where multiyear targets are expected.
Record LoRa-enabled sales with 58% YoY growth and a 65% YoY Q3 guide, plus the new LR2022/LR2012 multi-band/satellite product push
Amazon Sidewalk international expansion opening terrestrial-plus-satellite asset-tracking demand beyond U.S. consumer IoT
Key Stats
23 metrics total
Market Cap
$14.85B
P/E (TTM)
105.4
Forward P/E
27.3
Revenue Growth
32.7%
ROE
23.7%
Beta
2.35
Full Metric Set
17 additional stats
Valuation Stack
Multiples and cash-flow framing.
Price / Sales
12.6
Price / Book
25.8
EV / EBITDA
87.1
Quality & Balance Sheet
Margins, leverage, and liquidity.
Gross Margin
52.9%
Operating Margin
16.2%
Debt / Equity
70.1
Current Ratio
1.70x
Quick Ratio
0.86x
Positioning & Range
Short interest and 52-week location.
Short % Float
9.0%
Short Ratio
3.33x
52W High
$177.35
52W Low
$57.50
From 52W High
-23.6%
From 52W Low
135.6%
Company Classification
Sector and industry context.
Sector
Technology
Industry
Semiconductors
Additional Signals
Free Cash Flow
$132654752.00
Detailed Analysis
Valuation
At $135.40 the growth-adjusted picture remains compelling on reset numbers: the database forward is 23.2x against next-FY estimates of $5.84 (up 50% from $3.89 ninety days ago) and roughly 39x against current-FY estimates of $3.47 (up 31% in seven days). With next-FY growing ~68% over the current fiscal year, the implied is well below 1.0x — an attractive multiple for a business guiding revenue up ~54% YoY next quarter and 32.7% in the just-reported quarter, and in line with the analog/mixed-signal industry's 23.22x forward per the September 2 Zacks feature (itself a 17.5% discount to the industry's one-year median). The Zacks Bull of the Day frames it even more aggressively at roughly 6x forward sales for 40%+ growth. Absolute multiples remain rich — 10.8x sales, 71.4x , 22.0x book — and the FCF yield is only 1.05%, so the valuation case rests entirely on delivering the estimate reset; the September 2 StockStory piece explicitly flags SMTC's ~27x forward (on its own calculation) as a reason to pass, confirming that a valuation-skeptic camp exists in the media flow. But versus the failed $155.77 breakout and the $150.37 post-earnings high, the stock offers a genuine margin of safety relative to growth that did not exist two weeks ago.
Balance Sheet
Net debt is $320.9M, just 2.5% of the $12.6B market cap, with $204.1M cash against $525.0M total debt and active deleveraging underway (long-term debt cut ~$98M in Q2). of 70.1% is moderate; the cash-to-debt ratio of 0.39 is low in absolute terms but operating cash flow of $214M covers debt at 0.41x annually. Current ratio of 1.70 is healthy while the quick ratio of 0.86 reflects semiconductor inventory, though inventory days improved sharply to 98 from 135. of 23.7% and of 5.8% are solid for a cyclical semi in upcycle. Q2 operating cash flow of $68.9M and FCF of $61.4M confirm real cash generation; the pending $62M Compal divestiture inflow and the targeted $34M HieFo acquisition (indium phosphide lasers, expanding content per optical module) show balanced portfolio deployment, though fiscal 2028 capacity expansion could absorb cash.
Growth
Revenue growth accelerated to 32.7% YoY in Q2 FY27, and the Q3 guide of $410M implies ~54% YoY growth at the midpoint. Data center revenue surged 91% YoY to a record $100M (30% of sales; Northland models 44% by end-2027), with Q3 data center guided +45% sequentially and ~160% YoY, and momentum expected to continue through fiscal 2028. LoRa-enabled sales hit a record $58M (+58% YoY) with Q3 guided +65% YoY, and the August 28 launch of the LR2022/LR2012 LoRa Plus transceivers — multi-protocol, satellite-capable asset tracking — extends the IoT roadmap against STMicroelectronics and Texas Instruments. Non-GAAP of $0.71 rose ~73% YoY, adjusted operating margin expanded to 24.4% from 18.8%, and Q3 is guided to 31.0% operating margin with 58.3% adjusted gross margin, trending toward the mid-60s post-divestiture. Content per transceiver could rise from high-single-digit dollars to high-double-digit dollars at 3.2T, with the design window opening in roughly 12 months. Zacks models FY2027 revenue/earnings growth of 41.5%/94.7% and FY2028 growth of 27.5%/56.5%.
Business Quality
Gross margin is 52.9% GAAP and 54.5% non-GAAP (~60% in semiconductor products, guided toward ~64% post-divestiture). GAAP profit margin is positive at 13.1% versus negative a year ago, GAAP operating margin is 16.2%, and margin is 15.3%. of 23.7% and of 5.8% confirm the upcycle is converting to real profitability, not just revenue. Mix shift toward data center plus the cellular module divestiture (a 500+bps structural gross margin improvement) and the HieFo laser acquisition are driving genuine business-quality improvement rather than pure cyclical leverage — though 71.4x still prices in continued flawless execution, and GAAP margins sit materially below non-GAAP optics.
Capital Allocation
Management is running a disciplined portfolio optimization: the cellular module divestiture to Compal Electronics for approximately $62 million in cash is expected to close in Q4 FY27 (-neutral, 500+bps structural gross margin uplift), the targeted $34M HieFo acquisition adds optical content per module, long-term debt was cut ~$98M in Q2 while cash built to $204.1M, and inventory was reduced $34M in the quarter. No dividend; the principal forward capital question is fiscal 2028 capacity expansion, where management is weighing prepayments and capital support because current capacity may not cover fiscal 2028 demand. Insider selling (CFO, COO, officer, director — all disposals, no buys) remains a modest negative offset to an otherwise value-accretive deployment record.
Estimate Revisions
Estimate momentum is exceptionally strong and one-directional: 12 upward revisions to current-quarter in the last 7 days with zero downgrades across every bucket (0q, +1q, 0y, +1y all net positive, no negatives). Current-quarter estimates are $1.0557 versus $0.7258 thirty days ago (+45.5%), next-quarter estimates are $1.2044 versus $0.8067 (+49%), current-FY estimates are $3.47 versus $2.66 (+31%), and next-FY estimates are $5.84 versus $3.89 (+50%). Recommendations improved to 1 Strong Buy / 13 Buy / 1 Hold / 0 Sell from 1/11/2 three months ago, and the Zacks articles confirm no estimate has been lowered in the past two months versus six raised for the current fiscal year. The revision wave is broad, recent, and unconditional — the strongest single pillar of the thesis — though it also means expectations have been reset to a level that leaves little room for a Q3 stumble.