ViaSat (VSAT) PT Lowered to $44 at Needham & Company

July 14, 2022 7:12 AM EDT
Get Alerts VSAT Hot Sheet
Price: $35.43 +2.81%

Rating Summary:
    6 Buy, 8 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 2 | Down: 23 | New: 24
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Needham & Company analyst Ryan Koontz lowered the price target on ViaSat (NASDAQ: VSAT) to $44.00 (from $58.00) while maintaining a Buy rating after adjusting Q1 estimates into results.

The analyst commented, "We're adjusting our estimates ahead of VSAT's F1Q23 earnings results following conversations with management. We expect IFC terminal sales to slow in 1Q23 before rebounding strongly in 2H23 due to the timing of phase two Delta shipments as well as new IFC wins at Southwest, Breeze, and this week's Virgin Atlantic win. Government sales are also expected to be more back-end loaded in F23 than we previously expected. While we raise our full year EBITDA estimate by ~4%, we now anticipate a slower start to F23 and steeper quarterly ramp in both revenue and EBITDA. We're lowering our PT to $44 on a lower EV/EBITDA multiple, but maintaining our Buy rating."

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