Morgan Joseph Upgrades Novatel Wireless (NVTL) to Buy
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Morgan Joseph upgrades Novatel Wireless (NASDAQ: NVTL) to Buy with a $13 price target.
The firm said, "On the positive comments stemming from recent investor conferences, complemented by our own industry checks, we believe Novatel is tracking to post performance in line with our heady expectations for 2H08. On that basis, we believe it is not unreasonable to assign an 11x multiple (considering the snap-back to growth we expect next year) on our $1.15 2009 EPS estimate to reach our $13 price target."
The upgrade is also based upon the belief that Novatel has righted some of the in-house sales execution issues hindering its performance in 1H08 and that Novatel will introduce and deliver its products as 2H08 sales.
Novatel Wireless provides wireless broadband access solutions for the mobile communications market worldwide.
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