Stifel analyst Tore Svanberg noted that Semtech's guidance for an 18.8% quarter-over-quarter decline is below the average quarterly decline of its closest comps' March quarter guidance, which he believes is due in part to Semtech's greater smartphone exposure. However, he believes Semtech remains well-positioned with multiple attractive secular growth opportunities, including LoRA, data centers, 4G/5G base stations and industrial/automotive protection. Svanberg keeps a Buy rating and $58 price target on Semtech shares, which are down about 8.5% to $50.75 in pre-market trading.