Shares of the Hillsboro, Oregon company finished up $1.87, or 3.2%, at $59.90.
On Tuesday, Lattice posted earnings of 25 cents a share, up from 17 cents a year ago and beating the FactSet consensus of 22 cents.
Revenue increased 25% from a year ago to $125.9 million. The FactSet consensus called for a $120.3 million total.
"Strong revenue growth was driven by double-digit growth in each of our market segments based on the strength of our market leading portfolio," Jim Anderson, president and CEO, said in a statement.
For the third quarter, Lattice expects sales of $124 million to $132 million, while FactSet is calling for $128.2 million.
Benchmark analyst David Williams assumed coverage of Lattice Semiconductor with a buy rating with a price target of $66, up from $55, according to the Fly.
Williams said Lattice continues to have positive momentum across the core business and its roadmap expansion efforts remain "key drivers to the story."
Cowen analyst Matthew Ramsay raised his price target to $65 from $58, while keeping an outperform rating on the shares.
Ramsay said the company posted another beat and raise with all segments up quarter-over-quarter as ample on-hand internal inventory enables impressive execution. Ongoing Nexus progress and initial positive feedback for the Avant platform are encouraging, he said.
Craig-Hallum analyst Richard Shannon boosted his price target to $50 from $40, while keeping a hold rating.
Shannon said the company beat and raised again, driven by strength in communications and computing and industrial and automotive, as it continues to manage its supply chain better than most in the industry.