Markets & Finance

RBC Capital Ups Sierra Wireless to Outperform

RBC Capital upgraded Sierra Wireless (SWIR) to outperform from sector perform, after the wireless services provider delivered stronger than expected first quarter results.

Analyst Mike Abramsky notes factors such as the easing of his previous concerns over competition. He says that despite concentration of product sales at Cingular, product launches planned for the second half of the year (in PC card and Modules markets) are expected to maintain the company's 3G leadership. He believes the company is a good way to play 3G migration. He ups his 2006 earnings per share (EPS) estimate to 55 cents and his 2007 estimate to 88 cents EPS. His stock price target moves to $20.

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