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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
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