ViaSat's (VSAT) mixed fiscal Q1 results are secondary to the prospects of monetizing its "valuable" spectrum, Oppenheimer said in a note Tuesday.

The report said the mixed performance was mostly due to timing-related issues and one-time items, but the company reiterated its fiscal 2027 guidance.

The note pointed to record backlog in Defense & Advanced Technologies, backing the optionality value in a sum-of-parts scenario, and progress in deploying F2/F3 satellites.

"Results are secondary to monetizing its spectrum, the foundation of our investment thesis, which we think remains intact and see current pressure on the stock as a buying opportunity," the report said.

"Scarcity of spectrum assets could make VSAT an attractive target for SPCX and other D2D operators", it added.

Oppenheimer kept its outperform rating and a $140 price target.

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