BWS Financial lowered the firm’s price target on Iridium (IRDM) to $25 from $30 and keeps a Neutral rating on the shares. The company’s Q1 results slightly topped consensus estimates, but the beat was driving by engineering revenue and not services revenue, the analyst tells investors in a research note. BWS believes the current climate and management’s commentary “create angst” in Iridium being able to achieve $300M in free cash flow this year and the ability to do it again next year.
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