Deutsche Bank Raises Rating on Satellite Company AST SpaceMobile, Shares Climb
Deep News
Yesterday
Satellite broadband innovator AST SpaceMobile (ASTS) has received a buy-the-dip rating from Deutsche Bank. The bank upgraded the stock from "Hold" to "Buy" and maintained its $93 price target.
Compared with last Friday's closing price, the target price implies the stock still has 82% upside. The stock has fallen more than 26% year to date. Previously, Elon Musk announced that SpaceX would acquire a nationwide spectrum asset, allowing SpaceX to compete with mobile operators. Following that news, the stock plunged 10% last Friday.
However, driven by this rating upgrade, the stock rose about 5% on Monday.
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