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UPDATE: Dominick & Dominick Downgrades Iridium Communications to Neutral

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In a report published Wednesday, Dominick & Dominick LLC downgraded its rating on Iridium Communications (NASDAQ: 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.

Latest Ratings for IRDM

DateFirmActionFromTo
May 2018BWS FinancialInitiates Coverage OnBuy
Oct 2017Wells FargoMaintainsMarket Perform
Aug 2017Drexel HamiltonInitiates Coverage OnBuy

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Posted-In: Dominick & Dominick LLCAnalyst Color Downgrades Analyst Ratings

 

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