ViaSat shares slip after Wedbush downgrade

AP News
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Posted: Jan 04, 2010 11:44 AM

Shares of ViaSat Inc. slipped Monday after Wedbush Morgan cut the company's stock rating, saying bookings likely slowed during the last three months of the year.

ViaSat, a Carlsbad, Calif., company that provides equipment for communications and networking systems, saw shares fall 72 cents, or 2.3 percent, to $31.06 in midday trading.

Wedbush analyst Matthew Robison cut the company to "Neutral" from "Outperform" in a note to clients.

He said new sales "are likely to be down significantly from the near record level of the September quarter" when ViaSat reports earnings.

Robison added that cash flow from older orders should be strong for the quarter, but said investors have already priced the positives into ViaSat's stock.

Shares closed last week at $31.78, up about 32 percent over the past year and close to Robison's price target of $33.