UPDATE: Dominick & Dominick Downgrades Iridium Communications to Neutral

In a report published Wednesday, Dominick & Dominick LLC downgraded its rating on Iridium Communications 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.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorDowngradesAnalyst RatingsDominick & Dominick LLC
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!