Iridium downgraded to Market Perform from Outperform at Raymond James

Raymond James downgraded Iridium (IRDM) to Market Perform from Outperform without a price target The firm cites valuation for the downgrade with the shares up 136% year-to-date. Upside from current share levels is “more speculative” relative to the “more clear upside” when the share price was in the mid-teens, $20s, and even $30s, the analyst tells investors in a research note. Raymond James says that while Iridium’s narrowband businesses are not capacity intensive and leave the possibility for spectrum monetization, any potential monetization would “less clean” than EchoStar (SATS) and Viasat (VSAT), and the timing remains unclear.