Chardan Capital Markets Downgrades Globalstar (GSAT) to Neutral

Chardan Capital Markets downgraded Globalstar (NYSE: GSAT) from Buy to Neutral.

Analyst James McIlree comments "The funding gap is not the major reason for the downgrade, the rejection of the company’s spectrum by potential partners is. Our entire thesis was based on the idea the company would find interested buyers in the spectrum. At least for now, that is not the case. It is possible interest will change over time. It is possible the company will be successful in the international markets. However, the latter is a two-step process requiring changing the government regulations first, then attracting business interest. The acquisition would have given Globalstar the wherewithal to manage this process without constantly chasing new cash and negotiating with lenders."

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

Shares of Globalstar closed at $0.53 yesterday.

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