.jpg "Sequans Communications S A (NYSE: SQNS)")
Needham analyst Quinn Bolton reiterated a Buy rating on Sequans Communications S A (NYSE: SQNS) today and set a price target of $3. The company’s shares opened today at $1.71, close to its 52-week low of $1.44.
Bolton commented:
“Sequans reported 1Q18 results and 2Q18 guidance largely in-line with our and Street estimates. While the Broadband business continues to face near-term headwinds, IoT revenue increased by >50% Q/Q. With the CAT 1 revenue ramp on track and CAT M1/NB1 revenue set to reach higher levels in 2H18, Sequans anticipates sequential revenue growth throughout the calendar year. Importantly, we have increasing confidence that revenue will ramp to the high-teens by year-end thereby significantly reducing the company’s cash burn. To reflect a more gradual recovery in the broadband business and a slight timing shift in the CAT-M1/NB1 ramp, we are modestly reducing our 2018 and 2019 estimates. However, with strong visibility into the “hockey stick” in IoT revenue, we reiterate our Buy rating and $3 PT .”
According to TipRanks.com, Bolton is a top 100 analyst with an average return of 15.8% and a 66.0% success rate. Bolton covers the Consumer Goods sector, focusing on stocks such as MACOM Technology Solutions Holdings Inc, Quantenna Communications, and Integrated Device Tech.
Currently, the analyst consensus on Sequans Communications S A is Strong Buy and the average price target is $3.06, representing a 78.9% upside.
In a report released today, Canaccord Genuity also reiterated a Buy rating on the stock with a $3.75 price target.
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Based on Sequans Communications S A’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $11.88 million and GAAP net loss of $8.02 million. In comparison, last year the company earned revenue of $12.13 million and had a GAAP net loss of $5.47 million.
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Sequans Communications SA designs, develops and supplies 4G LTE semiconductor solutions for wireless mobile broadband applications with a focus on the single-mode device market. Its solutions incorporate baseband processor and radio frequency, transceiver integrated circuits, along with its proprietary signal processing techniques, algorithms and software stacks. The company’s solutions serve as the core wireless broadband communications platform in devices, including smart phone’s, USB dongles, portable routers, embedded wireless modems for laptops, net books, tablets, and other consumer multimedia and industrial devices, consumer premises equipment, such as residential gateways, and base stations. Sequans Communications was founded by Georges Karam and Bertrand Debray in September 2003 and is headquartered in Paris, France.
