RBC Capital lowered its price target on ViaSat (NASDAQ: VSAT) to $45.00 (from $52.00) while maintaining an Underperform rating.

Analyst Wilton Fry said the company is "rapidly running out of financial headroom despite its recent reset of financial covenants."

Fry said a combination of ViaSat-2 SAC costs dampening operational leverage, Eutelsat's withdrawal from ViaSat-3b and likely end to its recent working capital tailwind, mean ViaSat may need to seek additional equity.

ViaSat could also consider approaching Inmarsat using mainly stock to stop rival Echostar, the analsyt said.