Iridium Communications Inc (IRDM · NASDAQ)

Iridium Communications (IRDM, $47.47) is advancing toward its shareholder-approved acquisition by Rocket Lab, with Argus raising its price target to $51.00, though the stock has slipped 3.0% over the past five days. Fundamentals have weakened: earnings fell 55.0% year over year, and the company missed EPS estimates in its two most recent quarters ($0.19 vs. $0.26 expected in Q2; $0.20 vs. $0.28 in Q1), while quarterly operating income has declined from $70.1M in September 2025 to $34.0M in the latest quarter. Revenue grew a modest 3.8% year over year to $884.2M TTM, and the company carries $1.76B in total debt at 4.2x EBITDA against $184.2M in cash and $92.3M in quarterly free cash flow. Shares trade at 53.94x earnings with an analyst target of $42, sitting 14.5% below their 52-week high but 26.4% above the 200-day moving average.