Iridium named short-term buy idea at Deutsche Bank

Deutsche Bank analyst Edison Yu opened a “Catalyst Call: Buy” on shares of Iridium (IRDM) as a short-term investment idea. With the shares down 20% in the last month, the firm sees potential for sentiment to improve this week as new details about Iridium’s direct-to-device efforts could be announced. The main catalyst is Qualcomm (QCOM) hosting its annual Snapdragon Summit, where it could provide updates on the satellite feature roadmap and timeline, the analyst tells investors in a research note. The firm says Iridium management is extremely limited in what they can say about direct-to-device due to the agreement with Qualcomm, which is creating uncertainty about the timeline and economics. Deutsche has a Buy rating on Iridium shares with a $53 price target.