Oppenheimer analyst Rick Schafer reiterates an Outperform rating on Semtech with a $60 price target ahead of the company's Q3 results on November 28. The analyst sees an "in line set up" with a "negative bias" to the company's outlook amid macro uncertainty and an "early stage group correction." Shares in the group are likely to remain under pressure until macro uncertainty improves and/or estimates are "de-risked," Schafer tells investors in a pre-earnings research note. Despite some near-term caution, the analyst still likes Semtech's growth and gross margin profile.