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Retour au sujet NOVATEL WIRELESS

NOVATEL WIRELESS : Oppenheimer and Avondale Partners

luyckxj
27 févr. 200822:56

...
-Oppenheimer cut its price target on Novatel Wireless to $20 from $33 after the company offered disappointing guidance. The firm said it believes the guidance represents a temporary lull and that long-term growth drivers remain.
- Avondale Partners lowered its estimates on Novatel to $1.44 on revenues of $500.3 million from $1.52 on $518.3 million for 2008. Avondale also lowered its price target on the company to $20 from $27.50.
...
Source:
http://www.rcrnews.com/apps/pbcs.dll/article?AID=/20080227/FREE/459247824/1003/allnews

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  • luyckxj
    18 août 200822:30

    NVTL: Mrkt Perform(Avondale;obj. 8 USD)
    August 18, 2008, 11:35 am
    Novatel Falls as Avondale Sees Rising Audit Costs
    Posted by Tiernan Ray

    Novatel Wireless (NVTL), the $285 million (market cap) maker of wireless modems for PC laptops, was downgraded today by analyst John Bright at Avondale Securities from “Market Perform” to “Market Underperform,” and cut his price target to $8 from $10, based on rising legal and audit costs for the company as it continues to review its revenue accounting, a process that has prevented the company from filing its quarterly statement for the March-ending quarter. The company is expected to report preliminary 2Q results tomorrow . Novatel received an extension of its conditional listing on Nasdaq on August 7.

    Bright writes that “We do not expect this accounting review to show that Novatel’s cash position is meaningfully worse than previously reported,” but “speculation is mounting that this is proving to be a sustained and lengthy review,” which could raise substantial costs for lawyers and auditors. Specifically, Bright sees general and administrative expenses rising 10% this year and 7% next year, and he’s cutting his EPS estimates to 71 cents a share from 84 cents this year, and to 87 cents from 93 cents next year. Bright also cut his revenue estimates to $384 million from $401 million this year, and to $434 million from $442 million next year, based on perennial worries about competition. Bright says Novatel is once again selling through Verizon Communications’s (VZ) Verizon Wireless, which is good, but the threat of chips from Qualcomm (QCOM) and Ericsson (ERIC) being directly installed in laptops still looms. He notes that Sierra Wireless (SWIR), a Novatel competitor, has already seen the effects of both of those larger companies.

    Novatel shares are down 45 cents, or 5%, at $8.70.
    Permalink | Trackback URL: http://blogs.barrons.com/techtraderdaily/2008/08/18/novatel-falls-as-avondale-sees-rising-audit-costs/trackback/

    Source:
    http://blogs.barrons.com/techtraderdaily/2008/08/18/novatel-falls-as-avondale-sees-rising-audit-costs/?mod=barrons_msnhttp://online.barrons.com/article/BL-TB-8449.html?

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