Iridium Communications Inc (NASDAQ:IRDM): Stock Upgrade by Zacks to a “Neutral” Rating

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Dallas, Texas 05/12/2014 (FINANCIALSTRENDS) –Stock of Iridium Communications Inc. (NASDAQ:IRDM) was recently upgraded by equities research analyst at Zack to a “neutral” rating, from a previously held “underperform” rating. Zack currently holds price target of $7.40 on the stock which suggests a potential upside of 8.66% from its previous closing of $6.81.

The stock of Iridium Communications reported double digit gain of 11.09% and closed at $6.81. The stock traded with significant volume of 9.59 million shares as compared to its 30 day average trading volume of 1.34 million shares. However, the stock lost close to 11% during last week’s trade. Its market capitalization is $523.27 million shares with total 76.84 million shares outstanding.

Analyst Ratings:

Several other investment analysts have also recently commented on the stock of Iridium Communications Inc. (NASDAQ:IRDM). Analysts at CRT Capital raised their price objective for the stock to $8 from previously announced price target of $7. Equities research analyst at The Street also upgraded their rating on the stock of Iridium Communications from a “hold” to a “buy” rating.

From the consolidated perspective, two analysts have rated the stock with a “hold” rating; two analysts maintain a “buy” rating for the stock and one analyst maintains a “strong buy” rating for the stock. The stock of Iridium Communications is currently having a consensus “buy” rating with an average price objective of $7.85.

Analyst Comments:

Equities research analyst at The Street recently commented on the stock of Iridium Communications Inc. (NASDAQ:IRDM), identifying key strengths of the company in support of their “buy” rating for the stock. The analysts commented, “The Company’s strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, increase in stock price during the past year and expanding profit margins. We feel these strengths outweigh the fact that the company has had subpar growth in net income.”

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