Iridium price target raised to $36 from $25 at Barclays

Barclays raised the firm’s price target on Iridium (IRDM) to $36 from $25 and keeps an Overweight rating on the shares. The firm sees “substantial” revenue growth opportunities for the satellite services industry. However, pressure on the “legacy” players from new low earth orbit constellations continues to rise, the analyst tells investors in a research note. Barclays believes the underlying assets of spectrum and orbital positions offer valuation support.