UPDATE: Stifel Downgrades Inseego Corp. (INSG) to Hold
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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."
Shares of Inseego Corp. closed at $15.03 yesterday.
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