UPDATE: Morgan Keegan Raises PT on Iridium Pharmaceuticals to $13

Morgan Keegan has published a research report on Iridium Communications

and has raised the price target from $12 to $13 after the company reported 4Q earnings. In the report, Morgan Keegan writes, "Iridium had a solid quarter with slightly better than expected revenue and lower operating expenses that resulted in an earnings beat. The company continues to achieve strong growth while making progress in creating its next generation satellite constellation. Iridium reported $95.0 million in revenue, above our estimate of $93.3 million, and $0.11 in EPS, above our estimate of $0.10 and consensus of $0.08." Morgan Keegan maintains its Outperform rating on Iridium Communications, which is currently trading up $0.45 from yesterday's $7.40 closing price.