- ASTS rose about 10%-13% after Berenberg initiated coverage with a Buy rating and a $92 target, implying substantial upside from the trading price.
- Berenberg also initiated Rocket Lab and Planet Labs at Buy, but AST SpaceMobile posted the strongest move among the covered space stocks.
- AST SpaceMobile's latest quarter showed $31.5 million of revenue, a $230.9 million net loss, $2.7 billion of cash and roughly $3 billion of long-term debt, underscoring the company's capital intensity.
- The bullish analyst view was reinforced by early investor and board member Adriana Cisnero's reported purchase of approximately 10,000 ASTS shares.
Quotes
“the only company to have demonstrated true cellular broadband from space to unmodified smartphones.”