Barclays lowered the firm’s price target on Iridium to $45 from $65 and keeps an Overweight rating on the shares. At its latest results Viasat announced a strategic change and Iridium posted solid results but announced the end of its D2D project with Qualcomm, the analyst tells investors in a research note. As a whole, the satellite industry is “at a key juncture” with new demand opportunities abound but the phasing is uncertain, says the firm. It cut Iridium’s price target due to the reduced D2D opportunity.
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