UPDATE: Jefferies Raises PT to $8 on Sierra Wireless

Jefferies reiterates its Hold rating on Sierra Wireless SWIR and raises its price target to $8 from $7 on above-consensus guidance. Jefferies says, "We had thought strength at carriers like AT&T would help SWIR in Q4, but it appears the benefit was weighted towards Q1. We raise Q1 EPS mainly due to better GM. We continue to fear pricing pressure in mobile computing and see more of the company's value shifting to M2M; however, the growth of the M2M business has been slower and lumpier than expected. We see balanced risk/reward." SWIR closed at $7.52 a share on Thursday.