Article

Shares of Iridium Communications fell by 3.3% after Raymond James downgraded the stock from "strong buy" to "outperform," reducing its price target from $39 to $26. This move follows SpaceX's Starlink acquisition of spectrum rights, intensifying competition in the satellite communications sector.

Iridium's stock has already experienced a 29% decline this week, reflecting growing concerns about its market position amid heightened competition. Currently, the shares are trading at $17.79, significantly below their 52-week high.