Loop Capital analyst Cody Acree kept his Buy rating and $60 price target on Semtech, saying that while the company is exposed to the slowdown of global demand for smartphones, it is not experiencing a decline in activity in other businesses. The analyst notes that other larger semiconductor names have signaled a tightening of orders, but Semtech appears to be benefiting from the "multiple company-specific drivers that are helping to insulate it from larger macro concerns." Acree adds that he is most encouraged by the company's LoRa Internet of Things platform that is building global momentum by nearly doubling relative to last year and also cites the Data Center optical upgrades to 100G as a solid driver for Semtech.