AST SpaceMobile, Inc. (ASTS) stock soared over 5% in intraday trading on Thursday, outpacing the broader market. The surge came after Cantor Fitzgerald initiated coverage on the satellite communications company with an Overweight rating and a price target of $30.
The aerospace and telecommunications company develops space-based cellular broadband network to provide mobile data services globally. Analysts at Cantor Fitzgerald cited AST SpaceMobile's innovative technology and potential for disrupting the global mobile internet market as key factors behind their bullish outlook.
With an average rating of Buy and a mean price target of $38.04 among analysts polled by FactSet, the stock appears to have significant upside potential according to Wall Street. Investors seem to be responding positively to the favorable analyst coverage, driving up ASTS shares in Thursday's session.
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