Shares of Viasat spiked on Monday after the Carlsbad-based competitor of Elon Musk’s Starlink received an analyst endorsement from Deutsche Bank.
The stock closed up 14.4% at $11.19 per share after analyst Edison Yu upgraded the firm from “hold” to “buy” with a target price of $13 to $15.
“While we still have concerns about Viasat’s core communications services business longer-term in the context of pressure from Starlink, we see multiple paths for the company to create equity value by materially deleveraging its balance sheet through asset monetization,” said Yu.
“These include its L-band spectrum, DAT hardware business, and indirectly through the successful deployment of two major satellites,” he said.
Viasat provides high-speed satellite broadband internet services and secure networking systems for military, commercial and home markets.
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