H.C. Wainwright Starts Novatel (NVTL) at Buy

H.C. Wainwright initiated coverage on Novatel (NASDAQ: NVTL) with a Buy rating and a price target of $4.00.

Analyst Kevin Dede said, "We are initiating coverage of Novatel Wireless with a Buy rating and setting a conservative $4 price target that we may be raising sooner rather than later. Alex Mashinsky became 'interim' CEO mid-June, but Philip Falcone's September 8th $14.4M investment mandates that Mashinsky remain on board for a minimum of three years. We like Falcone's bet, and we're glomming on; after all, according to Cisco, we're talking about tackling a $14.4 trillion machine-to-machine market."

For an analyst ratings summary and ratings history on Novatel click here. For more ratings news on Novatel click here.

Shares of Novatel closed at $3.08 yesterday.

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