Iridium Communications (IRDM) experienced a significant pre-market plunge of 5.51% on Friday, as the stock came under selling pressure following a negative analyst action.

The sharp decline was triggered by Raymond James downgrading Iridium to Market Perform from Outperform, citing valuation concerns for the downgrade. This move by the research firm likely prompted investors to reassess their positions in the stock ahead of the market open.

Notably, the downgrade from Raymond James contrasts with other positive analyst actions on Iridium, including target price increases from Clear Street and Deutsche Bank, but the negative rating change appears to have dominated pre-market trading sentiment.