Berenberg starts AST SpaceMobile at Buy with $92 target

Berenberg has initiated AST SpaceMobile $ASTS at Buy with a $92 price target, highlighting its ability to deliver cellular broadband directly from space to unmodified smartphones.
The firm sees distribution as a major differentiator, with more than 60 carrier partnerships covering roughly 3 billion subscribers.
AST SpaceMobile's model is designed to complement operators including AT&T, Verizon, Vodafone and Rakuten rather than compete directly with them.
Berenberg expects a significant monetization inflection in 2027 as continuous commercial service begins, with rapid revenue growth and strong margins if execution meets expectations.