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GMP Downgrades Sierra Wireless to Reduce


GMP Securities downgraded Sierra Wireless (SWIR) to reduce from hold.

Analyst James Che downgraded due to recently accumulated information, which leads him to conclude with greater certainty that the company could lose the next-generation Treo business from key customer PalmOne. As a reflection of his increasing concerns related to revenues from the original equipment manufacturers' module business, he cut the 90 cents 2005 earnings per share estimate to 75 cents. He also lowered the $24 target to $19 (which is 25 times his new fiscal 2005 earnings per share estimate).

Che says while recent concerns over valuation isn't as signficant as in the past, he remains bearish on developments over the next 12 months related to the company's Voq, CDMA module, and GSM-family of PC Cards.


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