Global satellite operator Intelsat had a blisteringly good day on the New York Stock Exchange last Thursday, seeing its share price rocket 27.1 per cent to $9.66.
On August 3rd the share price recovery continued. Intelsat’s price moved forward to close the day up 16.09 per cent (up $1.53 to $11.04). Indeed, earlier in the day it was 23.55 per cent ahead (up $2.24) at $11.79 before some profit-taking.
August 3rd saw equity analysts at RBC Capital Markets set a price target of $13 on the stock (and its rating as “Outperform” although lowered from their previous guide price of $16), but which still seems entirely reasonable on a share price that within the past year was trading around $20 a share.
There’s scope for more confidence. Sitting in Arianespace’s Final Assembly Building is Intelsat’s I-34 satellite (along with Eutelsat 8 West B), and due for launch as a pair later this month. Intelsat has two other satellites in its near-term launch manifest (Intelsat 29e and I-31), and last week CEO Stephen Spengler reaffirmed the company’s financial guidance for a return to growth over the long term.