UPDATE: Dominick & Dominick Downgrades Iridium Communications to Neutral
In a report published Wednesday, Dominick & Dominick LLC downgraded its rating on Iridium Communications (NASDAQ: IRDM) from Buy to Neutral.
Dominick & Dominick noted, “We have lowered our recommendation on Iridium to Neutral from Buy due to our increasing concern about the impact delayed government contracts can have on the company's results. In addition, if Globalstar is successful rejuvenating its constellation, competitive pressures will increase for Iridium. Long-term we remain positive on the story given the company's valuable franchise, growing customer base and reasonable valuation.”
Iridium Communications closed on Tuesday at $7.23.
Latest Ratings for IRDM
|Aug 2014||CRT Capital||Upgrades||Fairly Valued||Buy|
|Jun 2014||Wells Fargo||Initiates Coverage on||Market Perform|
|May 2014||Raymond James||Upgrades||Outperform||Strong Buy|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.