BUZZ-Sierra Wireless: Set to erase YTD gains on weak forecast
** Sierra Wireless shares tumble 17.4 pct to $14.18 in extended trading, coming off halt, on company's weak forecast
** Canada-based Internet of Things (IoT) pure play says "seeing signs of softer short-term demand and tighter inventory management with some established OEM customers and programs"
** Forecasts Q3 revenue, non-GAAP EPS well below market estimates and expects slower-than-anticipated Q4 growth
** Company expects FY 2016 revenue, non-GAAP EPS to be below low end of prior forecasts
** Weak forecast comes despite company saying it is seeing solid revenue contributions from new OEM programs; Q2 rev tops analysts' estimates for only 2nd time in four quarters
** Regular Friday trade is set to see the stock drop below Wall St analysts' median PT of $16.25; median PT up 20 pct in past 3 months, but down 5 pct in past month
** Stock set to erase its 9 pct YTD gains; Comforting Q1 report in May had pushed stock into positive territory for the year (RM: email@example.com)
© Thomson Reuters 2016 All rights reserved.