Sequans price target lowered to $3 from $7 at Baird

Baird analyst Tristan Gerra lowered the firm’s price target on Sequans to $3 from $7 and keeps an Outperform rating on the shares. The firm said Renesas and Sequans have entered into a MoU in which Renesas will begin a tender offer to acquire all of Sequans’ shares for $3.03 per ADS in a transaction valued at $249 million, including net debt of ~$52 million, which is expected to close in 1Q24.