Why Intelsat Stock Just Dropped 34%

Share of Intelsat (NYSE: I) are plunging today, down by 34% as of 12:05 p.m. EST, after J.P. Morgan downgraded the small-cap satellite specialist and lowered its price target.

Last night, J.P. Morgan cut its rating on Intelsat stock from overweight to neutral and slashed its price target from $34 to only $22.

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Source Fool.com