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I

Intelsat

$11.26

-2.14 (-15.97%)

13:29
11/18/19
11/18
13:29
11/18/19
13:29

CBA responds to announcement by FCC Chair regarding C-band spectrum proceeding

The C-Band Alliance, or "CBA," comprised of global satellite operators Intelsat (I), SES , and Telesat, responded to an announcement by the Chairman of the Federal Communications Commission that he intends to pursue a public auction to clear the satellite spectrum currently licensed to the members of the C-Band Alliance. In a statement, the CBA said, "The FCC Chairman's indication that he intends to pursue a public auction of C-band spectrum is a significant departure from the CBA's market-based proposal. The announcement does not address the critical involvement of the incumbent satellite operators in executing the complex task of reconfiguring and transitioning their networks. Nor does the announcement address the fundamental modification of the rights afforded by the existing FCC licenses held by the CBA members which would be required under a public auction approach. To ensure U.S. national security interests, U.S. leadership in 5G innovation and the expected accompanying GDP and job growth, the full cooperation of the satellite operators will be required to ensure the successful clearing of the C-band while protecting the incumbent broadcast services enjoyed by millions of U.S. households. We will continue to work cooperatively with the FCC to develop an effective alternative plan and achieve the best outcome for the American public while protecting the interests of our users and the rights of our companies."

  • 10

    Dec

I Intelsat
$11.26

-2.14 (-15.97%)

11/12/19
JPMS
11/12/19
DOWNGRADE
Target $22
JPMS
Neutral
Intelsat downgraded to Neutral from Overweight at JPMorgan
JPMorgan downgraded Intelsat to Neutral from Overweight with a $22 price target.
11/12/19
JPMS
11/12/19
DOWNGRADE
Target $22
JPMS
Neutral
Intelsat downgraded to Neutral on 'more complicated' C-Band outlook at JPMorgan
JPMorgan analyst Philip Cusick downgraded Intelsat to Neutral from Overweight and lowered his price target for the shares to $22 from $34 as he sees the C-Band process as more complicated than it seemed "only weeks ago" as pushback for a public rather than private auction of the airwaves coming from Senator Kennedy of Louisiana has gained momentum. He now sees the timing of C-Band monetization further out than he had expected, Cusick said. He also lowered his estimate of C-Band spectrum proceeds to Intelsat to $8B from $10B.
11/13/19
EVER
11/13/19
NO CHANGE
Target $38
EVER
Outperform
Intelsat selloff appears overdone, says Evercore ISI
Evercore ISI analyst James Ratcliffe said volatility in Intelsat shares is not surprising at this stage in the FCC review process, but he believes today's selloff in the stock seems overdone. He still believes that a rulemaking broadly in line with the C-Band Alliance's proposal is likely at either the December or January FCC open meeting and he maintains an Outperform rating and $38 price target on Intelsat shares, which he said implies a 30% voluntary contribution by the satellite providers. Factoring a 50% contribution rate and the same $0.50/MHz-Pop valuation would imply about $20 per share, Ratcliffe noted.
11/18/19
ARTE
11/18/19
INITIATION
Target $39
ARTE
Buy
Intelsat initiated with a Buy at Arete
Arete initiated coverage of Intelsat with a Buy rating and $39 price target.

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