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RBC Capital Ups Sierra Wireless to 'Outperform'

RBC Capital upgraded Sierra Wireless (SWIR) to outperform from sector perform.

Analyst T. Michael Walkley says AirPrime, which Sierra Wireless has agreed to buy, got a design win from Handspring for the new Treo 600. Walkley says, before this news, he was concerned Palm's purchase of Handspring might disrupt AirPrime's strong relationship with Handspring. Now he thinks the design win signifies additional opportunities for AirPrime with the merger of Handspring and Palm. He sees AirPrime's 2003 revenues at $35 million.

Although he's keeping his 18 cents 2003 earnings per share estimate and 24 cents 2004 estimate for Sierra until the AirPrime acquisition closes, Walkley thinks the combined companies are capable of generating $135 million in revenues and earnings per share of 35 cents in 2004.

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