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Fly News Breaks for January 15, 2020
MAXR
Jan 15, 2020 | 06:28 EDT
Credit Suisse analyst Robert Spingarn upgraded Maxar Technologies to Neutral from Underperform with a price target of $22, up from $5.30. In a research note to investors, Spingarn says he thinks the recently-announced MDA sale significantly de-risks the Maxar story by meaningfully reducing the likelihood of a liquidity crunch. Once closed, the analyst says that the cash proceeds of ~$760M should reduce the debt load by ~24% and bring leverage down close to 5.24x from around 6.64x. While this will cost the company ~10.7% of its forward EBITDA, Spingarn sees Maxar's future tied primarily to its core services businesses, Digital Globe and Radiant Analytics.
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