Wunderlich Maintains Sell on ViaSat (VSAT), PT Raised to $53

Wunderlich Securities maintained a Sell rating on ViaSat (NASDAQ: VSAT) and raised its price target to $53.00 (from $47.00).

Analyst Matthew S. Robison said, "Yesterday ViaSat (VSAT) won against Space Systems/Loral (SS/L) in court. The award was less than half the ViaSat claim; it is unclear how the award will be funded and Loral is appealing the decision, but we are attributing full value of the award in elevating our target price to $53 from $47."

"We believe the market value for ViaSat shares reflects high multiples accorded to providers of facilities for broadcast, emerging market, maritime and aeronautical services (Figure 5), which are much less threatened by long-term (beyond CY15) competition than the ViaSat broadband offering. For F4Q14 we expect the company to continue scaling operating margin over fixed costs in the rural broadband niche and status quo for Government and Commercial Networks. We continue to rate the shares Sell," he added.

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

Shares of ViaSat closed at $66.08 yesterday.

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