As reported earlier, RBC Capital analyst Wilton Fry upgraded Intelsat to Outperform from Sector Perform and raised his price target to $30 from $5. Fry cites his expected FCC release of the Notice of Proposed Rulemaking this week that will lead to adoption of the company's C-band proposal, "conservatively" estimating that this could add over $19 in earnings per share. The analyst adds that the company's recent equity and convertible debt issuance "enabled Intelsat to break the captive nature of some of its debt instruments, leaving a pathway to refinance until 2023".