This 5G and IoT Stock's Massive Dip Is a Buying Opportunity
Shares of Internet of Things (IoT) and 5G connectivity specialist Sierra Wireless (NASDAQ: SWIR) have lost their wheels after a terrific start to the year, dropping substantially over the past couple of months despite indications that the business was getting back on track.
Sierra Wireless' fourth-quarter results didn't help matters either. The company's top and bottom lines turned out to be better than expected, but light guidance played spoilsport and the stock sold off. However, Wall Street expects Sierra Wireless stock to deliver 28% upside on the back of favorable trends in the IoT space. Michael Walkley of Canaccord Genuity has raised his price target on the stock to $30 from $24, implying nearly 80% upside from current levels.
All of this makes the recent dip in Sierra Wireless stock look like an enticing buying opportunity. But should you take the plunge? Let's find out.
Source Fool.com
