Novatel Jumps 9% as Morgan Joseph Ups to Buy
Novatel Wireless (NVTL) shares are up sharply today after Morgan Joseph analyst Keven Dede upped his rating on the company to buy from hold, setting a price target of $13.
Dede notes that investment presentations by both Novatel and rival wireless broadband card maker Sierra Wireless (SWIR) “included the point that June quarter product sales have remained at solid levels.”
He says that Novatel will introduce two new USB modems in the third quarter, one each for customers at Sprint (S) and Verizon (VZ).
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