Investment bankers Morgan Stanley is slashing its share price target for satellite operator Intelsat to just $1 (from its earlier target of $5) and a 64 per cent discount to the operator’s closing price on March 21^st.

Morgan Stanley is maintaining its “Underweight” rating to investors. Intelsat’s share price has tumbled some 72 per cent since mid-August 2015.

Intelsat’s share price fell back another 9.96 per cent on March 22^nd to $2.53 (although it hit $2.43 at one point). Last year its share price stood at $17.43.

On March 21^st Intelsat announced that it had raised $1.25 billion in fresh debt. Bloomberg says this gives the company “more time while it tries to cut its total annual interest payments”. Intelsat now has more than $15 billion of borrowings. Its debt repayments are some $900 million annually, although it has also to pay off a previous debt obligation of more than $400 million during 2018.

Bloomberg says that as Intelsat’s shares have fallen those of its rivals SES and Eutelsat, while weaker, have remained stable.

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