Barclays upgraded satellite communications company Iridium to overweight Thursday, saying there's 29% upside for the stock after its "solid" second quarter and attractive outlook.
This is in line with the scenario we had in mind, and so we now consider the risk/reward attractive," Barclays analyst Mathieu Robilliard wrote in a note to clients.
Barclays has a $65 price target on Iridium's stock, or 29% above Thursday's close of $50.58 a share.
Iridium's stock is flat year to date.
"We believe this will represent a strong source of revenues for Iridium, but will be gradual (c. $90m by 2027)," Robilliard wrote.
Persons:
Mathieu Robilliard, Robilliard, — CNBC's Michael Bloom
Organizations:
Barclays, Iridium