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.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on IRDM:
- CRSP, ABSI, IRDM: Cathie Wood Offloads $16.4M of CRISPR Therapeutics Stock, Buys Absci and Iridium
- Iridium Communications: Hold Rating Amid Engineering Revenue Reliance and Starlink Competition
- Iridium price target lowered to $31 from $38 at Barclays
- Morning News Wrap-Up: Friday’s Biggest Stock Market Stories!
- Cathie Wood Bets Big on This Satellite Stock, Exits COIN and RBLX Positions