Keep an eye on Apple partner, GlobalStar (SYM: GSAT).
While it’s currently a penny stock, it could see a good deal of near-term upside.
For one, GSAT director James Monroe III bought 4.51 million shares of GSAT for about $4.8 million on July 1. Two, Apple recently said it would expand the capabilities of satellite messaging on the iPhone. “The new iOS 18 update will broaden the availability beyond emergency messaging, and Messages via satellite will be an option when cellular and Wi-Fi connections are not available,” according to SatelliteToday.com.
All of which could fuel further upside in GSAT.
Also, according to Barron’s, “AI is a game-changer, of course, but satellite connectivity might actually matter more for the current upgrade cycle. That’s because satellites should allow Americans living in so-called dead zones to have cell coverage, and in turn make iPhones worth buying for those customers.”
Of the five analysts covering GSAT, four rate it a buy with an average price target of $4.
