Iridium price target raised to $39 from $21 at Clear Street

Clear Street analyst Greg Pendy raised the firm’s price target on Iridium (IRDM) to $39 from $21 and keeps a Hold rating on the shares. The firm views the company’s Q1 results as largely inline. With Iridium’s 2026 guidance maintained, the key question is whether the 56% share run up over the past 30 days, driven by the spectrum takeover narrative, has further upside, the analyst tells investors in a research note. Clear Street is cautious on the stock, saying the market appears to overstate Iridium’s comparisons to the $11.5B Globalstar (GSAT) takeover.