BWS Financial analyst Hamed Khorsand said seasonality is impacting Semtech but that his thesis built around the ramping of its LoRa gateway deployments has not changed. He views the post-earnings weakness in the stock as a buying opportunity and maintains a Buy rating on Semtech shares with a $49 price target.
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Pre-earnings options volume in Semtech is 2.8x normal with calls leading puts 19:6. Implied volatility suggests the market is anticipating a move near 14.3%, or $3.90, after results are released. Median move over the past eight quarters is 7.5%.