Company News

BUZZ-Sierra Wireless shares jump on Raymond James upgrade to "outperform"

** Shares of Sierra Wireless Inc. jumped more than 8 pct early Mon as Raymond James upgrades the Canada-based tech firm to “outperform” from “market perform”

** Broker’s PT at $30; suggests ~35 pct upside vs current stock price

** Lead analyst Steven Li believes recent sell-off presents a buying opportunity, cites recent car connectivity design wins and in-progress Numerex acquisition as further impetus for upgrade

** On Nov 2, co reported Q3 non-GAAP EPS of 23 cents, beating 20 cents/share expected by the street, according to Thomson Reuters data

** Nevertheless, SWIR shares closed down 4 consecutive days following earnings release, losing >16 pct of their value

** Of 12 analysts covering SWIR, 5 rate co “buy” or stronger, with 6 “hold” recommendations and 1 “sell”; median PT $27

** Thomson Reuters StarMine awards Li 4 of 5 stars for past SWIR analysis

** SWIR has gained ~43 pct YTD, outperforming the Nasdaq Composite’s 28 pct advance (Stephen Culp)