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Sierra Wireless slides for second day post-earnings; CIBC trims target

Published 11/06/2017, 02:06 PM
© Reuters.  Sierra Wireless slides for second day post-earnings; CIBC trims target
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  • Sierra Wireless (SWIR -6.9%) is sharply down for the second day since earnings beat expectations Thursday. Shares fell 4.8% on Friday.
  • The beat (powered by broad growth including its core OEM Solutions) hasn't changed the outlook for CIBC, which holds the Street's only Sell rating on the stock.
  • The firm trimmed its price target to $21 from $22, implying just 2.9% upside from today's sharply lower price, saying accretion from the Numerex acquisition is months away and that valuation's already reflected in the company's growth.
  • Guidance was in line with expectations as well, and the company has "limited" operating leverage, CIBC says.
  • Source: Bloomberg
  • Now read: ARRIS International plc 2017 Q3 - Results - Earnings Call Slides


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