Sierra Wireless downgraded to market perform

Analyst T Michael Walkley of Piper Jaffray downgrades Sierra Wireless (SWIR.NAS) from "outperform" to "market perform." The target price is set to $22.

In a research note published yesterday, the analyst mentions that the company is unlikely to witness significant growth in its Voq phone sales from the current levels next year. Recent industry checks indicate that several wireless carriers are likely to wait for additional Voq models before deciding to offer the Voq platform on their platforms, Piper Jaffray says. Sierra Wireless is unlikely to release new Voq versions before 1H05, the analyst adds.

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