Needham & Company analyst Richard Valera raised the price target on ViaSat (NASDAQ: VSAT) to $60.00 (from $55.00) while maintaining a Buy rating.

The analyst commented, "VSAT reported a solid F3Q21, highlighted by strong margins. Overall orders were solid, while a breather in Gov't bookings, did little to diminish a 1.24 ytd B:B in this segment. IFC also had an encouraging Q, with some q/q improvement in revs and a 300 plane Delta win. That said, a modest net sub loss in the Consumer business, as VSAT pro-actively limited adds to manage capacity constraints, is likely to become the pre-VS-3 norm. And the VS-3 launch slipped a Q to C1Q22 due to COVID issues--not surprising, but disappointing at the margin. Overall, we view the Q as mixed, but see our positive thesis on VSAT as solidly intact, underpinned by a Government business we think single-handedly can support the current share price. We maintain our Buy and raise our PT to $60, or an EV/EBITDA multiple of ~10x our F22 estimate."