Oppenheimer has raised its price target for Iridium Communications from $48 to $60, suggesting a potential upside of 21% from the stock's recent closing price. Analyst Timothy Horan noted that the expansion of the space industry, particularly with SpaceX's IPO scheduled for June 12, could create increased demand for Iridium's satellite connectivity services.
Iridium operates a Low Earth Orbit satellite network and relies on SpaceX for satellite launches. As SpaceX aims for 10,000 Starship launches annually and expands its communications and AI infrastructure, Iridium stands to benefit from the growth in the $1.6 trillion communications sector.
Currently, 6 out of 11 analysts covering Iridium recommend a buy or strong buy, reflecting a positive consensus on the stock, which has already surged 185% year-to-date