Needham & Company Downgrades Sequans Communications (SQNS) to Hold; Valuation Call - Fundamentals Remain Intact

Needham & Company downgraded Sequans Communications (NYSE: SQNS) from Buy to Hold.

Needham analyst says, "We initiated coverage of Sequans, a leading provider of 4G wireless semiconductors and a pure play on mobile broadband growth, on 5/26 with a Buy rating and set a $14 price target. We reached our price target by applying a discount to SQNS’ high-growth semiconductor peers to reflect Sequans’ high revenue concentration. The shares have rallied over 40% from the 5/26 closing price and have now more than doubled over the past two weeks. With this rally in the shares, SQNS now trades at a premium to its peer group."

For more ratings news on Sequans Communications click here and for the rating history of Sequans Communications click here.

Shares of Sequans Communications closed at $19.17 yesterday.

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