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News Breaks
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November 1, 2009
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| 18:58 EDT |  | NVTL |
| theflyonthewall.com: | Novatel Wireless extreme sell-off creates buying opportunity, Barron's says | | The 27% selloff in Novatel Wireless (NVTL) last Friday may present an extraordinary buying opportunity, says Barron's Jay Palmer. The news was not good: Even as Novatel revealed Q3 revenues ahead of expectations, it said that sales of the firm's hot new MiFi wireless router had totaled $38M, far less than the $50M expected by the market. The company also indicated that Q4 sales of the MiFi would be no higher and maybe even less than Q3. Avondale Partners analyst John Bright says, the panic selling in Novatel in his view isn't warranted, and that the MiFi is still a fantastic product. "Momentum investors are dumping the stock," adds Fred Hickey, editor of the High-tech Strategist newsletter and a member of the Barron's Roundtable. Bright and Hickey both note that the market's unofficial $50M MiFi sales target for the past three months was largely based on the $100M order backlog that existed last June, something essentially inaccurate and unfair. Novatel CEO Peter Leparulo commented on the Q3 conference call: "The success or failure of our strategy is not reflected in these numbers," says. "Sales of the MiFi have been steadily rising for the past four months, and we remain very enthusiastic. We have some catching up to do, but 2010 will be a strong year." Reference Link :theflyonthewall.com |
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