Raymond James’ Steven Li upgraded Sierra Wireless to outperform from market perform early in the day, and simultaneously increased his price target to $20 from $16. To justify his bullish stance, Li cited his belief that Sierra Wireless is poised to enjoy relative strength this year both as original equipment manufacturer buying patterns return to normal, and as its low-cost, low-power Cat-M1 and Cat-NB1 solutions gain momentum and enable the propagation of novel Internet of Things applications.