VSAT - Viasat stock drops after weak than expected Q4 results

Viasat (NASDAQ:VSAT) shares have plunged ~12% after the company reported weaker than expected Q4 results that prompted Needham to cut PT on the stock. Needham cut its price target on Viasat (VSAT) from $66 to $58, while maintaining a "buy" rating. The California-based communications company reported its fiscal fourth quarter results yesterday (Wednesday). The firm generated adj. EPS of $0.06 on revenue of $701.7M (+17.8% Y/Y), both falling short of analysts estimates. "The results were lighter than expected, with both adjusted earnings and EBITDA meaningfully below the consensus. We see the current VSAT investment cycle positioning the company for meaningful benefits when VS-3 reaches commercial operation," said Needham analysts. Raymond James, which has outperform rating and a $58 PT on the stock, stated that, "The results were weak due to product delays and R&D spending, but VSAT did reiterate its near-term and mid-term guidance." In the earnings call, Viasat (VSAT) stated that

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Viasat stock drops after weak than expected Q4 results