Novatel Downgraded to Underperform

We downgrade our recommendation on Novatel Wireless Inc. (NVTL) to Underperform, ahead of its fourth-quarter 2010 financial results. The recent trend of the 3G USB modem industry is indicating a glut of inventory on the part of the wireless carriers. Several industry sources predicted that Verizon Wireless (VZ), a important customer of Novatel for its [...]