Texas-based satellite manufacturer AST Spacemobile is a risky — but worthwhile — investment, according to UBS. AST, which went public via a special purpose acquisition company, or SPAC, in 2021, is building satellites to provide a space-based broadband network to unmodified smartphones. Analyst Christopher Schoell increased his price target for the stock by $6 to $13, implying a whopping 50.8% potential upside as of Friday's close.
"That said, recent partner deals, progress on funding needs and positive regulatory developments give us increased conviction and we are increasing our estimates & valuation multiple." The analyst said he sees several other catalysts ahead for the stock, including the launch of AST's first five commercial satellites and the Federal Communications Commission's "Supplemental Coverage from Space" order that became effective on May 30.
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Source: CNBC - 🏆 12. / 72 Read more »