- Deutsche Bank upgraded AST SpaceMobile to buy from hold and maintained its $93 price target, implying 82% upside from Friday's close.
- Shares fell 10% on Friday after Elon Musk said SpaceX would buy a nationwide spectrum portfolio, and rose about 5% Monday following the upgrade.
- Analyst Bryan Kraft cited T-Mobile potentially switching from Starlink to AST as its direct-to-device satellite partner as a key driver of the upgrade.
- Deutsche Bank pointed to a Space Development Agency letter supporting satellite testing and a potential Japanese project that could bring up to $1 billion in government funding.
- Of the 16 analysts covering the stock, nine rate it hold, according to LSEG.
Quotes
“an opportune time to become more constructive.”