Piper Jaffray analyst Harsh Kumar lowered his price target for Semtech to $55 ahead of the company's October quarter results but reiterates an Overweight rating on the name. The analyst lowered his estimates for Semtech as he believes China smartphone issues, "lackluster" Samsung performance, tightening optical distribution channels, and overall geopolitical tensions are causing weakness. However, regardless of these issues, he believes LoRa and CDRs are maintaining their momentum. Semtech's long-term demand trends remain intact despite the ordering hesitancy causing a slowdown "to some degree," Kumar tells investors in a research note.