Globalstar price target lowered to $45 from $75 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Globalstar (GSAT) to $45 from $75 and keeps a Buy rating on the shares. The company reported solid results and a reiteration of its outlook, the analyst tells investors in a research note. The firm says that while the market “seems confused” by recent updates from Starlink and T-Mobile, it is important to understand that the Globalstar’s model “appears substantially more predictable and more beneficial for the users.” It believes Globalstar will continue to develop its XCOM RAN technology into a broader set of markets, while beginning to monetize the initial service for a large retail clients.