- Intelsat (NYSE:I) is absorbing analyst cuts to their price targets after FCC Chairman Ajit Pai punctured the company's ambitions for a private auction of midband satellite spectrum.
- That route is "officially dead," JPMorgan says, while noting that there's "still no consensus on how to get to a public auction." Analyst Philip Cusick will be looking to the agency to explain the legal rationale for a public auction, and cautions that if the FCC and C-Band Alliance can't "find a path forward," the auction may not even make the January schedule.
- He's keeping his Neutral rating but cutting the price target to a Street-low $9 from $22; Intelsat closed down 40.1% to $8.03 today and is 3.1% lower after hours (quoting at $7.78).
- Evercore sees less attractive risk-reward as well and slashed its price target to $11, from $38.
- Fellow C-Band Alliance member SES (OTCPK:SGBAF) fell 5.2%.