) M2M opportunity is large and is likely secular in nature, offsetting visibility concerns on the connectivity side. SWIR is a global leader in the non-PC connectivity market with surprisingly little competition. Risks include major Asian vendors engaging in aggressive pricing and therefore retain and/or gain market share. The transition to 4G could take longer than expected, elongating sales cycles and delaying potential revenue growth. Jefferies assumes coverage from Bill Choi with a Buy rating and a $12 price target. SWIR is trading higher 3% at $10.86