ViaSat upgraded to Equal Weight from Underweight at Barclays

Barclays upgraded ViaSat (VSAT) to Equal Weight from Underweight with a price target of $49, up from $23. The company’s core satellite business, which represents over 85% of its EBITDA, is structurally threatened by new low orbit earth players, the analyst tells investors in a research note. However, Barclays believes free cash flow break-even is “now in sight” for ViaSat while the last launch of a key satellite is coming soon. In addition, the conclusion of the company’s strategic review could lead to the disposal of its defense business, says the firm. It thinks ViaSat could benefit from the growing interest for spectrum “as it holds a large portfolio which it may be able to monetize.”