In a report released today, Mike Crawford from B.Riley Financial maintained a Buy rating on ViaSat (VSAT – Research Report), with a price target of $56.00.
Mike Crawford’s Buy rating for ViaSat is based on a confluence of factors, including strong quarterly performance and promising future guidance. The company reported a significant upside in their 2Q24 results, surpassing both Crawford’s and consensus revenue and EBITDA projections. Additionally, an impactful settlement with Cisco not only boosted this quarter’s results but will also bring in continuous licensing and royalties revenue.
Another key factor in Crawford’s rating is ViaSat’s forward-looking guidance, which promises substantial revenue and EBITDA for FY24, excluding the settlement boost. The company’s planned capital expenditures for the current fiscal year are also expected to decline in FY25. Furthermore, ViaSat’s Government Systems segment showed strong performance in the second quarter, with a significant increase in the unawarded ID/IQ contract portfolio. This positive growth trajectory, coupled with several other aspects such as satellite development plans and expectations of insurance recoveries, contributed significantly to Crawford’s Buy rating for ViaSat.
In another report released today, Needham also maintained a Buy rating on the stock with a $35.00 price target.
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Based on the recent corporate insider activity of 66 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of VSAT in relation to earlier this year.
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ViaSat (VSAT) Company Description:
ViaSat, Inc. provides communications technologies and services. It operates through following segments: Satellite Services, Commercial Networks and Government Systems. The Satellite Services segment provides satellite-based high-speed broadband services with multiple applications to consumers, enterprises, and mobile broadband customers (including commercial airlines and maritime vessels) both in the United States and abroad. The Commercial Networks segment develops and produces a variety of advanced satellite and wireless products, systems and solutions that enable the provision of high-speed fixed and mobile broadband services. The Government Systems segment provides global mobile broadband services to military and government users, and develops and produces network-centric Internet Protocol (IP)-based fixed and mobile secure communications products and solutions. The company was founded on May 1, 1986 by Mark D. Dankberg and Mark J. Miller and is headquartered in Carlsbad, CA.
Read More on VSAT:
- ViaSat options imply 10.3% move in share price post-earnings
- ViaSat, Deutsche Telekom enter long-term in-flight connectivity agreement
- VSAT Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- Viasat accelerates key integration milestone
- ViaSat’s in-flight connectivity and wireless IFE selected by Porter Airlines
