As reported earlier, Needham analyst N. Quinn Bolton downgraded Semtech (SMTC) to Hold from Buy, saying a move to the sidelines is warranted on valuation concerns as the stock price has run up 74.7% year to date. The analyst notes that Semtech now trades at a premium to many of its analog/mixed-signal peers, including the implied premium multiple at which its competitor Integrated Device Technology (IDTI) is speculated to be acquired by Renesas. Bolton expects the LoRa technology to remain an "important driver" for Semtech, stating that the company most recently reiterated that it is on track to meet its segment growth targets.