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.