Barclays upgraded satellite communications company Iridium to overweight on Thursday, seeing 29% upside for the stock.
Barclays upgraded satellite communications company Iridium to overweight on Thursday, saying there's 29% upside for the stock after its "solid" second quarter and attractive outlook. Iridium posted on Tuesday a second-quarter net loss of $30.7 million on revenue of $193.1 million, but its operational EBITDA rose 9% from a year ago to $115.8 million, a record high. Iridium attributed its loss to a write-off of extra satellites following a successful launch in May.
This is in line with the scenario we had in mind, and so we now consider the risk/reward attractive," Barclays analyst Mathieu Robilliard wrote in a note to clients. Barclays has a $65 price target on Iridium's stock, or 29% above Thursday's close of $50.58 a share. Iridium's stock is flat year-to-date. Sign up here to receive weekly editions of CNBC's Investing in Space newsletter .
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