Why Globalstar Stock Plunged Today
Shares of Globalstar (NYSEMKT: GSAT) fell on Friday, following bearish analyst remarks. As of 11:20 a.m. EST, the satellite communication specialist's stock price was down 15%.
Morgan Stanley analyst Simon Flannery cut his rating on Globalstar's stock from equal weight to underweight and placed a $0.55 price forecast on its shares. Flannery's price estimate implies a potential downside risk for investors of roughly 48% from the stock's current price near $1.06.
Globalstar's shareholders could suffer sizable losses, according to an analyst at Morgan Stanley. Image source: Getty Images.
Source Fool.com