Raymond James downgraded Iridium (IRDM) to Outperform from Strong Buy with a price target of $26, down from $39, following the news that SpaceX Starlink is buying 50 MHz of AWS-4 and H-Block spectrum in the U.S. from EchoStar (SATS). The deal “represents by far Starlink’s biggest foray” into competing directly with Iridium’s base businesses, the analyst tells investors in a research note. It expects Starlink to be aggressive in seeking country-by-country S-Band approvals.
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