Barclays Downgrades Iridium Comms: Here's What You Need To Know

Barclays downgraded its rating of Iridium Comms IRDM to Equal-Weight with a price target of $45.00, changing its price target from $48.00 to $45.00.

Shares of Iridium Comms are trading down 3.93% over the last 24 hours, at $47.44 per share.

A move to $45.00 would account for a 5.14% decline from the current share price.

About Iridium Comms

Iridium Communications Inc offers voice and data communications services and products to businesses, U.S. and international government agencies, and other customers on a global basis. It is a provider of mobile voice and data communications services through a constellation of low earth-orbiting satellites. Reaching across land, sea, and air, including the polar regions, Iridium's solutions are ideally suited for industries such as maritime, aviation, government/military, emergency/humanitarian services, mining, forestry, oil and gas, heavy equipment, transportation, and utilities. Iridium also provides service to subscribers from the U.S. Department of Defense, as well as other civil and government agencies around the world.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.