Overview
- Berenberg Bank launched coverage with a Buy rating and a $92 price target, and the note pushed ASTS shares up about 9–11% in early trading on Wednesday.
- The bank’s bullish case rests on AST’s demonstrations of cellular broadband from low Earth orbit to standard, unmodified smartphones and its claimed access to more than 60 carrier partners.
- AST has launched 13 BlueBird satellites with 12 currently operational, has lost BlueBird 7, and has moved its 45-satellite deployment target from late 2026 into early 2027.
- The company remains pre-commercial and cash‑burning, with about $1.3 billion of quoted contract commitments but no sustained revenue yet, leaving material execution and financing risk.
- Insider buying by director Adriana Cisneros and divided analyst views mean upcoming deployment milestones and any capital raises will be the key catalysts for whether investor optimism can be realized.