William Blair says ‘all signs point to’ Iridium deal with Samsung

After the markets closed on Friday, Iridium Communications (IRDM) announced that it finalized its smartphone contract with its undisclosed partner, William Blair analyst Louie DiPalma tells investors in a research note. Back in July, Iridium conveyed that it was aiming to establish a formal agreement before the end of the year, the analyst points out. He says "all signs continue to point to the highly anticipated deal being a major partnership with Samsung that may be formally unveiled in the first week of February." DiPalma does not believe it is too late for investors to buy Iridium shares, despite the rally in 2022. Iridium was likely able to use Apple’s (AAPL) contract with Globalstar (GSAT) for a similar smartphone satellite service as leverage for its Samsung negotiations to achieve more favorable terms, DiPalma contends. He keeps an Outperform rating on Iridium shares.