BUZZ-Sierra Wireless Inc: Price target raised

Tue Dec 23, 2014 7:39am EST
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** Canadian wireless equipment maker's U.S.-listed shares up 2.4 pct at $46.50 premarket; stock set to open at 13-year-high

** Canaccord Genuity Raises target price to $53 from $36; Median target price is $33

** Company's Toronto-listed shares closed at C$45.40 on Monday

** Sierra said on Monday it would buy Swedish wireless communication services provider Wireless Maingate AB for $90 mln

** Maingate's presence in Europe as well as its strong position in wireless connectivity equipment will boost Sierra's Europe business as well as services that connect devices to cloud, Canaccord analysts write in a note

** Analysts also expect faster growth for Sierra's high-margin enterprise solutions business, helped by additional acquisitions

** Up to Monday's close, US-listed shares had risen 87.8 pct this year