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Why Globalstar Stock Plunged Today

TheMotleyFool

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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

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