Piper Jaffray Upgrades Novatel Wireless (NVTL) to Neutral
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Piper Jaffray & Co. upgrades Novatel Wireless (Nasdaq: NVTL) from Sell to Neutral.
Piper analyst says, "We are upgrading to a Neutral rating primarily due to shares trading below cash levels. Our lowered price target of $4 is based on our estimate of cash levels at roughly $4 per share exiting 2009. Given our expectations of an increase in working capital requirements in 2009, we anticipate a modest use of cash in 2009. Our previous price target was based on 10x FY09E pro-forma
EPS."
Novatel Wireless, Inc. (Novatel Wireless) is a provider of wireless broadband access solutions for the worldwide mobile communications market.
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