Sierra Wireless Jumps 12% On Analyst Upgrade
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The company's announcement that its wireless USB Modem, the Sierra Wireless AirCard(R) 875U, is now available in the United Kingdom, also probably contributed to investors heightened confidence in the stock.
"We see Sierra benefiting from several catalysts (new products, embedded, machine-to-machine growth), but simply put we believe the overall industry is still at the front of an expansion cycle driven by the adoption of 3G technologies," Mr. Kidron said in a note to clients, adding that increases in third generation penetration will in turn, increase Sierra's market opportunities.
RBC Capital analyst Mike Abramsky, who raised his target to US$24 on Monday, told investors that Sierra's management continues to execute well.
However, he said he remains cautious given competitive threats from low cost Asian offerings and the fact that 45% of the company's revenues come from only two clients, Cingular and Verizon (VZ).
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