Jesup & Lamont Upgrades Sierra Wireless (SWIR) to Buy
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Jesup & Lamont upgrades Sierra Wireless, Inc. (Nasdaq: SWIR) to Buy.
Jesup analyst says, "Sierra has posted a machine-to-machine (M2M) vendors wish list of new deals over the past few weeks that we think Wall Street has not fairly accounted for in valuing the company’s shares. Most importantly, aspects of certain deals are clearly indicative of Sierra’s value to its customers—new M2M technology has moved Sierra up the supply value chain from pedestrian module manufacturer to critical application integrator...Sierra has long been a solid innovator, and we suspect the company can meet customer demands and competitors’ offerings in the near term. WiMAX and LTE are certainly in store, as are new form factors. We don’t see Sierra falling behind in this area...Compared with its closest competitor Novatel, which now trades at about a 25x multiple on the Street’s $0.49 FY10 EPS estimate, we are comfortable recommending Sierra’s shares based on a 20x multiple on our $0.60 FY10 EPS estimate for a $12.00 price target, especially since we think Sierra should post stronger relative growth. Including the $131.5M, or $4.24 per share, in cash (and no debt) only strengthens our valuation case."
To see more analyst ratings on SWIR Click Here.
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