Needham & Company Remains Sidelined on ViaSat (VSAT) Following Investor Meetings
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Needham & Company reiterated a Hold rating on ViaSat (NASDAQ: VSAT) after hosting the company's SVP of Treasury and Corp. Dev., Bruce Dirks, for a series of investor meetings. Management has spoken optimistically on its pipeline of IFC opportunities, referencing, among other things, its spending on "success based" STCs. The company also announced two new European wins in the last several weeks, one with Finnair to equip its A320 short-haul fleet, and another with Swiss carrier SAS to upgrade its short and medium term haul fleet of ~100 planes.
Analyst Richard Valera commented, "We recently hosted VSAT's SVP of Treasury and Corp. Dev., Bruce Dirks, for a series of investor meetings. Our meetings reinforced the company's bullish stance on its Government business and highlighted some potential opportunities in its in-flight broadband business. Overall, we continue to like VSAT's strategy, focused on disruptive bandwidth economics in the consumer and in-flight broadband markets, and fail to see any obvious competitive threats to this bandwidth superiority over the near-to-medium term. That said, we expect Consumer net sub adds to continue to be flattish over the next ~4 quarters (as VSAT awaits the service launch of ViaSat-2), which could remain a headwind for the stock."
Shares of ViaSat closed at $72.73 yesterday.
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