10 Best Telecom Stocks to Buy According to Wall Street Analysts

7. Iridium Communications Inc. (NASDAQ:IRDM)

Number of Hedge Fund Holders: 38

Average Upside Potential as of June 24: 38.26%

Iridium Communications Inc. (NASDAQ:IRDM) is one of the best telecom stocks to buy according to Wall Street analysts. On June 4, GCT Semiconductor Holding Inc. (NYSE:GCTS) announced a collaboration with Iridium Communications to integrate Iridium NTN Direct service into GCT’s advanced GDM7243SL chipset.

The partnership aims to expedite the development of a new Iridium network-enabled Narrowband Internet of Things (NB-IoT) chipset. The development will adhere to the requirements for 3GPP Release 19, which is the next phase of 5G Advanced technology to integrate satellite communications. Both companies will jointly explore opportunities, business models, specific use cases, and commercial deployment requirements for the new chipset.

3GPP Release 19 builds upon Release 18, which further enhances 5G networks with features like improved support for Non-Terrestrial Networks (NTNs) and satellite communications, network energy efficiency, and AI/ML integration. The functional freeze of features for Release 19 is expected by September this year, with the first Iridium NTN Direct-connected devices planned to be available in 2026.

Iridium Communications Inc. (NASDAQ:IRDM) offers mobile voice and data communications services & products to businesses, the US & international governments, non-governmental organizations, and consumers. GCT Semiconductor Holding Inc. (NYSE:GCTS) is a fabless semiconductor company that designs, develops, and markets ICs for the wireless semiconductor industry.