UPDATE: Oppenheimer Lowers PT on ViaSat from $59 to $53
Oppenheimer reiterated an Outperform rating on ViaSat (NASDAQ: VSAT) and lowered its price target from $59 to $43.
Oppenheimer commented, “We're cautious on VSAT heading into F1Q13 results Thursday. Our checks suggest VSAT had a good quarter in terms of gross subscriber adds in its all-important consumer satellite service business. But with competitor SATS set to offer a competing service on its just-launched Jupiter XVII satellite, good may not be good enough. Unless VSAT's F1Q13 results show sub adds are trending toward a rate well above the targeted ~33K/month, investors may reasonably conclude that the pace could fall below ~33K/month once competition arrives in C4Q12.”
ViaSat closed at $39.17 on Monday.
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