Inseego price target adjusted to $2 at Stifel after reverse stock split

Stifel analyst Tore Svanberg raised the firm’s price target on Inseego to $2 from 80c and keeps a Hold rating on the shares after the company announced a 1-for-10 reverse stock split, effective after the close of market at 5:00 pm ET on January 23. The firm is updating its model to account for the stock split and maintains a Hold rating pending greater visibility into the company’s transition towards sustainable, profitable growth and free cash flow.