UPDATE: Oppenheimer Downgrades ViaSat to Market Perform on Slow Growth

Oppenheimer reduced its rating on ViaSat

from Outperform to Market Perform and removed its price target of $53. Oppenheimer noted, "In its first full quarter offering service on the new ViaSat-1 satellite, VSAT posted disappointing results. Gross subscriber adds of 66K fell below our base-case of 75K additions, while net adds of 20K likewise missed our base-case expectation of roughly 30K adds. While VSAT's target of adding 30-35K subs per month still seems within reach this summer, F1Q's underwhelming subscriber momentum suggests maintaining this pace could prove challenging once EchoStar launches its competing service in late September/early October." ViaSat closed at $37.75 on Thursday.