Viasat falls after J.P. Morgan downgrades to 'neutral'

Coherent

17/09/2024 12:21

** Satellite communications firm Viasat's  VSAT.O  shares
down 3.24% at $13.13 premarket
    ** J.P. Morgan downgrades stock to "neutral" from
"overweight", after United Airlines shifted more than 1,000
mainline aircraft from existing VSAT to Starlink for its
in-flight connectivity 
    ** VSAT has leading market share in commercial in-flight
connectivity but faces long-term competitive risk from Low Earth
Orbit (LEO) constellations, specifically Starlink - brokerage 
    ** JPM cuts stock's PT to $15 from $29
    ** Three of 9 analysts rate the stock "buy" or "higher", 6
"hold"; their median PT is $27 - LSEG
    ** Stock down about 51% YTD

 (Reporting by Prakhar Srivastava in Bengaluru)
 ((Prakhar.Srivastava2@thomsonreuters.com;))