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.
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Published first on TheFly
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