Investors may want to pay close attention to AST Space Mobile (ASTS).
Up about 18% on the day, analysts at Deutsche Bank say it could rally more than 100% higher.
In fact, after reiterating a buy on the ASTS stock, the firm hiked its price target to $63 from $22.
Helping, the firm “pointed to AST’s timeline for its service availability and satellite launches, the first of which is forecast for September. Deutsche Bank anticipates another four commercial satellites to launch in 2024, followed by 20 in 2025, 30 in 2026 and 40 in 2027. Between 45 and 60 satellites would provide full continuous customer service to countries in the Northern latitudes, while the full 90 satellites would provide full worldwide coverage,” said CNBC.
“We’re using a current TAM of 284M mobile users for Northern Hemisphere supplemental coverage and 1.6B unconnected peoples for whom AST could offer a primary broadband service in the future,” they added. “This large TAM equates to significant optionality with respect to upside growth scenarios.”
Since May, the ASTS stock exploded from a low of $2.45 to a recent high of $39.08. Now back to $34.72, it’s just starting to pivot higher again.
In Other News: Must See: Elon Musk Invents New Type of AI (Shocking)
