Lattice Semiconductor Earnings Confirm the AI Thesis While AMI Raises the Risk
Rating Buy | Target $111 | Price $96.78 | Expected return 15%
Summary
Q2 revenue reached a record $201.1Mn, up 62% y/y, while non-GAAP EPS rose 121% to $0.53 and free cash flow reached $81.3Mn.
The AI infrastructure, industrial recovery, and operating leverage pillars all strengthened. AMI also closed, but the integration case remains unproven and adds about $793Mn of pro forma net debt.
My 2027 model calls for $1.30Bn of revenue and $3.20 of non-GAAP EPS. Applying 38x earnings and discounting one year at 10% produces a present target of $111.
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