Inseego price target raised to $17 from $11 at Stifel

Stifel analyst Tore Svanberg raised the firm’s price target on Inseego to $17 from $11 and keeps a Hold rating on the shares after the company’s agreement to sell its telematics business, which operates in the United Kingdom, the European Union, Australia and New Zealand, for $52.0M in an all-cash transaction. Inseego also reiterated its Q3 guidance and stated the transaction is expected to close in Q4, notes the analyst, whose estimates are unchanged and says the higher target reflects continued stock momentum in recent weeks.