UPDATE: Stifel Downgrades Inseego Corp. (INSG) to Hold

March 2, 2021 12:28 AM EST
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Price: $8.66 -2.59%

Rating Summary:
    2 Buy, 5 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 18 | Down: 20 | New: 68
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(Updated - March 2, 2021 5:06 AM EST)

Stifel analyst John Marchetti downgraded Inseego Corp. (NASDAQ: INSG) from Buy to Hold with a price target of $13.00 (from $14.00).

The analyst comments "We are downgrading INSG to Hold from Buy and lowering our target price to $13 as WFH demand for 4G products is expected to drop more steeply than previously anticipated, more than offsetting our forecast for 20%+ 5G growth and causing full-year 2021 revenue to decline. Demand for 5G products has been strong, particularly as service providers load initial product into inventory, but visibility into run-rate demand remains limited, leading us to model a more conservative 1H21. Looking beyond 2021, we remain constructive as we continue to view INSG as well positioned in 5G and believe new carrier wins, an emerging enterprise business and a growing software portfolio should provide solid sources of growth over the intermediate/long term while establishing a constructive operating environment for continued margin improvement. We look for more consistent performance of 5G sell-through metrics and traction in new software offerings before turning more positive on shares."

For an analyst ratings summary and ratings history on Inseego Corp. click here. For more ratings news on Inseego Corp. click here.

Shares of Inseego Corp. closed at $15.03 yesterday.

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