BUZZ-Inmarsat: broker boost

** Inmarsat (Other OTC: IMASF - news) up 2.4 pct, recovering after recent weakness

** Societe Generale (Swiss: 519928.SW - news) upgrades stock to "hold" v "sell"

** Cites relief on funding thanks to dividend cut

** Stock down c15 pct from pre-results level last week, despite Q4 meeting expectations; co cut dividend to spend more on delivering wifi on commercial planes

** RBC Capital Markets cuts TP to 725p v 825p, repeats "outperform"; says stock price has swung from 'greed' to 'fear' as investor sentiment has fallen following margin pressure mainly driven by start-up losses on Aviation

** It flags that at 6.5x EBITDA, ISAT is at the bottom of its post IPO trading range

** "The market appears to be overlooking Inmarsat S-band spectrum worth £3.20/share, especially relevant given the recent spectrum driven rallies at both Intelsat and SES "

** Broker notes Inmarsat owns a substantial spectrum portfolio

** RBC says co's L-band (1.5 GHz) and S-band (2.0 GHz) frequencies are particularly interesting as they are much lower frequency than the C-band (3.7-4.2 GHz) being offered by Intelsat and SES. "This makes them much more attractive for mobile handset use due to physics" (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)