UPDATE: Oppenheimer Upgrades ViaSat to Outperform on Good Long-Term Potential

In a report published Thursday, Oppenheimer analyst Yair Reiner upgraded the rating on ViaSat

from Perform to Outperform, and named a $65.00 price target. In the report, Reiner noted, “We believe ViaSat is in the early stages of a multi-year growth path that has few parallels in today's market. While initial reception to ViaSat's high-speed broadband service was muted, the recent upturn in subscriber trends suggests ViaSat is on a trajectory to triple its EBITDA over the next three years, and then continue growing with the launch of additional satellite(s). ViaSat's exposure to increasingly squirrely defense spending (a key part of today's P&L) creates some near-term risk heading into F4Q13 results, but we believe it's a risk worth taking for an entry point that should look good in the long view.” ViaSat closed on Wednesday at $50.58.