B. Riley Increases PT on AST SpaceMobile from $44 to $60, Keeps Buy Rating

AST SpaceMobile, Inc. (NASDAQ:ASTS) is one of the top stocks that Grok recommended. On August 1, B. Riley increased the price target on AST SpaceMobile, Inc. (NASDAQ:ASTS) stock from $44 to $60, keeping its Buy rating.

Mike Crawford from B. Riley raised the price target on ASTS following the company’s announcement of a note offering. On July 30, AST SpaceMobile announced the closing of $575 million aggregate principal amount of notes due 2032. This financing strengthens AST’s resources above $1.5 billion in cash, positioning the company to scale the deployment of the world’s first and only space-based cellular broadband network.

The analyst sees financial flexibility for AST post the note offering. Crawford also mentioned that the company will gain access to valuable 45 MHz of lower mid-band spectrum controlled by Ligado and Viasat subsidiary Inmarsat.

AST SpaceMobile, Inc. (NASDAQ:ASTS) builds a global cellular broadband network in space to operate directly with standard, unmodified mobile devices. The network is based on AST’s intellectual property and patent portfolio and is designed for commercial and government applications.

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