Berenberg initiates AST SpaceMobile at Buy with $92 target

Berenberg has initiated coverage of AST SpaceMobile $ASTS with a Buy rating and a $92 price target, implying substantial upside from current levels.
The firm highlights AST SpaceMobile's demonstrated ability to deliver cellular broadband directly from space to unmodified smartphones.
Berenberg also points to more than 60 mobile-network-operator partnerships covering roughly 3 billion subscribers, access to multiple spectrum bands and a growing government and defense business.
The thesis depends heavily on successful commercial deployment beginning in 2027, making execution risk significant despite the potentially large addressable market.