Sierra Wireless shakeup will impact its pivot plans, National Bank says

Jun 01 12:06 2018 Print This Article

Mobile equipment manufacturer Sierra Wireless (TSX:SW, NASDAQ:SWIR) has announced the immediate departure of its President and CEO, a move which, while sensible in light of the company’s attempt to pivot beyond hardware, will nonetheless represent a hitch in the its plans, says Richard Tse of National Bank of Canada Financial.

In a Thursday note to clients, the analyst dropped his stock rating from “Outperform” to “Sector Perform” and lowered his target price from $32.00 to $22.00. (All figures in US dollars unless otherwise noted.)

Yesterday, Richmond, BC-based Sierra announced that President and CEO Jason Cohenour would be stepping down effective immediately and that the Chair of its Board of Directors, Kent Thexton, will serve as Interim CEO while the Board looks for a replacement. Director Greg Aasen has now been named Lead Independent Director of the Board.

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Cantech Letter

Founded in 2008 by Nick Waddell, Cantech Letter is an online magazine focusing on Canadian technology. The site has grown into one of the most popular and respected financial sites in Canada, and was described by Canadian Business Magazine as “one of Canada’s premier technology newsletters”. Waddell, who is Senior Editor, is routinely called on by the mainstream media for perspective on Canadian technology, and has been featured on BNN, CTV News Channel, and the CBC program “The Lang and O’Leary Exchange” in addition to mainstream print media such as The Guardian, The International Business Times, The Globe and Mail, Macleans, The Waterloo Record , Canadian Business, Slate, and Business Insider. You can email Nick at nick@cantechletter.com Cantech Letter is focused on those companies listed on the TSX and TSXV Technology, Cleantech and Life Sciences Sectors. Each year we present the Cantech Letter Awards, which honor Canada’s Top Technology Stock and Top Technology Stock Executive.

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