After Iridium Communications (IRDM) announced the termination of its partnership with Qualcomm (QCOM), BWS Financial called the news “disappointing, but not a surprise” given that Iridium has not included revenue from the partnership within its guidance for 2023 nor its 2030 free cash flow target. The partnership being terminated “does change the optionality on IRDM’s financials, but not the actual financial guidance,” notes the analyst, who adds that Iridium is free to market their satellite service directly to smartphone makers and other silicon developers with the partnership terminated. BWS has a Buy rating and $75 price target on Iridium shares.
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