BWS Financial analyst Hamed Khorsand downgraded Iridium (IRDM) to Sell from Neutral with a price target of $16, down from $25. Starlink intending to acquire the wireless spectrum from Ecostar (SATS) creates “a dominant competitor that has been aggressive with pricing,” says the analyst, who expects Starlink to encroach on Iridium’s IOT business quickly once the spectrum sale is approved.
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