Jefferies Reduces PT On Sierra Wireless To $11, Maintains Hold (SWIR)

Jefferies lowered its price target on Sierra Wireless

from $12 to $11, while reiterating a Hold rating, in a research report published today. In the report, Jefferies states, "Japan-related component constraints and Clearwire's exit from retail hitH1, but H2 should benefit from 4G ramps at AT&T and Telstra. However, we remained concerned about continued impact from tablets cannibalizing notebooks, price competition from Asia OEMs, smartphone mobile hotspot conversions, and share loss at Sprint. Overall we see balanced risk/reward, maintain our Hold rating, and cut our target to $11 from $12." In today's early trading, Sierra Wireless plunged 5.48% and currently stands at $10.35.