Oppenheimer analyst Rick Schafer noted that Semtech shares were already down about 10% this week ahead of the company's earnings report and he thinks its soft Q4 guidance will lead to the stock's weakness continuing. However, he said his long-term thesis is still intact, citing its revenue opportunity in its long range, low power wireless platform and the ramping of its datacenter and wireless protection/sensing products. Schafer maintains an Outperform rating and $42 price target on Semtech shares, which are down over 8% to $33.50 in pre-market trading.