Canaccord Genuity Reiterates a 'Buy' on Sierra Wireless (SWIR); Raising Estimates on Expected Strong 2012

Canaccord Genuity reiterates a 'Buy' on Sierra Wireless (NASDAQ: SWIR) price target raised from $9 to $11.

Analyst, Michael Walkley, said, "Sierra Wireless reported solid Q4/11 results with sales of $147M and pro forma EPS of $0.08, in line with our $147M/$0.07 estimates. With Sierra providing Q1/12 revenue and EPS guidance above our estimates, we believe Q1/12 marks the start of a strong earnings recovery due to improved costs controls and steadily improving sales. We believe Sierra’s LTE product portfolio is well positioned with leading carriers, and we expect sustainable long-term sales growth for its M2M business."

"We are raising our 2012 pro forma EPS estimate from $0.58 to $0.60 and
introducing our 2013 estimate of $0.80."

For an analyst ratings summary and ratings history on Sierra Wireless click here. For more ratings news on Sierra Wireless click here.

Shares of Sierra Wireless closed at $7.52 yesterday, with a 52 week range of $6.02-$12.50.

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