Clear Street Gives AST SpaceMobile (ASTS) a Buy Rating

AST SpaceMobile, Inc. (NASDAQ:ASTS) is one of the 12 Best Performing Stocks in the Last 6 Months. On July 10, Clear Street initiated coverage on AST SpaceMobile, Inc. (NASDAQ:ASTS) and gave it a “Buy” rating with a price target of $59.

According to the research firm, AST SpaceMobile, Inc. (NASDAQ:ASTS) has strong long-term growth potential as it is targeting about 5.6 billion mobile users worldwide with patented satellite technology that can eliminate the need for any special ground equipment.

Clear Street expects AST SpaceMobile, Inc. (NASDAQ:ASTS) to have reliable commercial service by 2027. The firm also projects that 2028 will be a breakout year for the company with forecasted revenues of $2.3 billion and adjusted EBITDA of $1.3 billion.

The research firm noted that AST SpaceMobile, Inc.’s (NASDAQ:ASTS) growth potential is supported by important partnerships. These include deals with Verizon, AT&T, Vodafone, and Rakuten.

AST SpaceMobile, Inc. (NASDAQ:ASTS) is an American company focused on building the first and only global cellular broadband network in space to operate directly with standard mobile devices.

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Disclosure: None. This article is originally published at Insider Monkey.