Iridium price target lowered to $39 from $47 at Raymond James

Raymond James analyst Ric Prentiss lowered the firm’s price target on Iridium (IRDM) to $39 from $47 and keeps a Strong Buy rating on the shares. The Q2 results included a “highly unusual” Service Revenue guidance trim, the analyst tells investors in a research note. Potential capital returns of $3B from 2023-2030 are still doable, which the firm finds “attractive,” but adds that competitive questions are unlikely to go away any time soon.