Roth Capital analyst Scott Searle lowered the firm’s price target on Sequans (SQNS) to $35 from split-adjusted $75 and keeps a Buy rating on the shares. Q3 sales were below expectations on project timing and substrate/OSAT availability but should recover in Q4 driven by the company’s expanding 3-year design wins, the analyst tells investors in a research note. Given the lack of market recognition of the near-term bitcoin strategy, Sequans is also is redeeming bitcoin for buybacks, the firm added.
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