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UPDATE: Dominick & Dominick Downgrades Iridium Communications to Neutral

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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

DateFirmActionFromTo
Aug 2014CRT CapitalUpgradesFairly ValuedBuy
Jun 2014Wells FargoInitiates Coverage onMarket Perform
May 2014Raymond JamesUpgradesOutperformStrong Buy

View More Analyst Ratings for IRDM
View the Latest Analyst Ratings

Posted-In: Dominick & Dominick LLCAnalyst Color Downgrades Analyst Ratings

 

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