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We are downgrading our recommendation on Novatel Wireless Inc. ( NVTL ) to Neutral, following its mixed financial results in the first quarter of 2012. Although revenue surpassed the Zacks Consensus Estimate, earnings per share were way below it. We believe the company’s overall financial condition will improve in the rest of 2012, driven by huge market traction of Novatel’s 4G products, especially the 4G MiFi intelligent hotspots and Expedite embedded solution. The company is upgrading its existing customers to its innovative 4G LTE product suite. Diversification into machine-to-machine intelligent asset management solutions and newly developed insurance telematics and fleet management products will further boost Novatel’s future growth. Despite these positives, we do not expect the company to achieve profitability any time soon. Precipitous losses may jeopardize the company’s healthy balance sheet going forward. Novatel first introduced its first embedded LTE solution with Verizon Wireless, which is a joint venture between Verizon Communications Inc. ( VZ ) and Vodafone Group plc. ( VOD ). The Expedite embedded-module suite incorporates super-fast 4G data connectivity with tablets and laptops. Earlier, Novatel introduced its first 4G MiFi mobile intelligent hotspots with Verizon. MiFi 4510L provides backward compatibility with Verizon’s 3G networks. At present, Novatel is the only company, which can offer a full suite of LTE products across all forms of wireless data access medium, viz., MiFi Intelligent mobile hotspots, Ovation USB modems, and Expedite embedded modules. From a financial perspective, Novatel’s balance sheet remains firm, and capable of sustaining near-term expenses. At the end of the first quarter of 2012, the company had more than $2.14 per share of net cash & marketable securities. This strong cash position will enable the company to diversify into several new wireless verticals, especially in the high-speed 4G platforms. Read the Full Research Report on NVTL Read the Full Research Report on VZ Read the Full Research Report on VOD Zacks Investment Research More From Zacks.com Read the analyst report on NVTL,VZ,VOD View comments
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