BWS Financial analyst Hamed Khorsand raised the firm’s price target on Iridium (IRDM) to $75 from $60 and keeps a Buy rating on the shares. The company named Qualcomm (QCOM) as its partner for smartphones having satellite connectivity, suggesting that the revenue potential for Iridium may be more meaningful than first expected, Khorsand tells investors in a research note. Iridium’s revenue and adjusted EBITDA is poised to grow faster than currently expected once smartphones are commercially available, the analyst contends.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on IRDM:
- Apple’s Loss is Qualcomm’s Gain According to Analyst
- William Blair sees Iridium rallying after ‘transformational’ partnership
- Iridium to partner t with Qualcomm on satellite messaging and emergency services
- Qualcomm, Iridium to connect more phones to satellites this year, WaPo reports
- Iridium CEO sells $1.72M in common stock
