UPDATE: Dominick & Dominick Initiates Globalstar at Neutral

Dominick & Dominick initiated Globalstar

with a Neutral rating. Dominick & Dominick commented, "he shares are an interesting play on a recovery in the company's voice services as well as an option on monetizing unused spectrum. But the company faces a number of challenges that keep us on the sidelines, including difficulty in re-capturing voice subscribers and significant cash needs over the coming years. …The current enterprise value of almost $1 billion, we believe, assumes a revivification of the company's voice service, and also gives some value to the spectrum position. We prefer to be on the sidelines until full duplex service is restored and we have greater visibility on the ability to monetize the surplus spectrum." Globalstar closed at $0.46 on Monday.