William Blair downgrades Iridium, says SpaceX starting to impact results

As previously reported, William Blair downgraded Iridium to Market Perform from Outperform following the company’s Q4 earnings report, citing increasing competition from SpaceX. While Iridium continues to generate strong free cash flow, shares are selling off 12%, on top of the weakness that has already been seen over the past six months, because competition from SpaceX is starting to impact results and contributed to the 2024 EBITDA outlook missing consensus, the analyst tells investors.