JPMorgan upgrades ViaSat on higher likelihood of separation

JPMorgan upgraded ViaSat (VSAT) to Overweight from Neutral with a price target of $50, up from $23. The firm now sees a higher probability of a separation of the company’s Defense and Advanced Technologies segment following its shareholder letter. ViaSat is likely to review potential value unlock options, which may push the timing of a separation out a couple quarters, the analyst tells investors in a research note. JPMorgan upgraded the shares based on its sum-of-the-parts valuation. While ViaSat is unlikely to sell spectrum in the near-term, it offers long-term option value, adds the firm.