Nomura Securities Downgrades Intelsat S.A (I) to Neutral

Nomura Securities downgraded Intelsat S.A (NYSE: I) from Buy to Neutral with a price target of $13.00 (from $26.00).

Analyst Roshan Ranjit comments, "Last week Intelsat issued its 2015 outlook that reflected a number of uncertainties and, in our view, areas of caution. Since the IPO, our thesis on Intelsat was centred on continued delevering and the strong FCF swiftly creating equity value. However, following results last week the visibility that investors in the satellite space truly value has been clouded by: ongoing consumer broadband declines in the US, greater declines in Trunking, and the launch delay of the first EPIC (IS-29e), now expected 1Q 16 vs. 2H 15. This means the ability to de-lever materially is limited in 2015. We downgrade to Neutral with revised $13.0 price target. Eutelsat remains our top pick in the sector."

For an analyst ratings summary and ratings history on Intelsat S.A click here. For more ratings news on Intelsat S.A click here.

Shares of Intelsat S.A closed at $13.19 yesterday.

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