Iridium Communications shares are trading lower after the company announced Qualcomm elected to terminate its smartphone agreement. Also, Raymond James lowered its price target from $58 to $53 on the stock.
Portfolio Pulse from Benzinga Newsdesk
Iridium Communications' stock is trading lower following the announcement that Qualcomm has terminated its smartphone agreement with the company. Additionally, Raymond James has reduced its price target for Iridium from $58 to $53.
November 10, 2023 | 4:11 pm
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NEGATIVE IMPACT
Iridium Communications' stock price is expected to face downward pressure in the short term due to the termination of its smartphone agreement with Qualcomm and a lowered price target by Raymond James.
The termination of the smartphone agreement with Qualcomm is a significant negative development for Iridium, as it may imply a loss of potential revenue and a setback in its business strategy. The reduction in the price target by Raymond James further reflects a negative sentiment among analysts, which can influence investor perception and lead to a decrease in stock price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100