Iridium Communications (IRDM) PT Bumped to $10 at Macquarie

Macquarie analyst Andrew DeGasperi reiterated an Outperform rating and bumped his price target on Iridium Communications (NASDAQ: IRDM) to $10.00 (from $9.50) following results.

DeGasperi commented, "Iridium continues to take market share in several verticals and continues to benefit from a rebound in its maritime segment, which was underperforming over the last year. With only eight months to go before the launch of its first next-gen satellites, Iridium NEXT is hitting several milestones on time and on budget."

The firm's ’14 and ’15 adj. OEBITDA estimates increase by ~1% and in line with management’s upwardly revised guidance.

For an analyst ratings summary and ratings history on Iridium Communications click here. For more ratings news on Iridium Communications click here.

Shares of Iridium Communications closed at $9.20 yesterday.

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