Iridium initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald analyst Colin Canfield initiated coverage of Iridium (IRDM) with an Overweight rating and $40 price target Iridium is best positioned to benefit from price accretion from improvements in Space sentiment alongside healthy growth in cloud foundry and portfolio optionality, the analyst tells investors in a research note. Additionally, Cantor believes Iridium’s cash flow stability generates a substantial valuation moat as companies navigate an increasingly complex risk environment.