AST SpaceMobile (ASTS) rose 1% on Monday before falling again on Tuesday, down about 9% intraday and nearly 26% over the past week. Deutsche Bank upgraded the stock to buy after it lost 65% of its market capitalization from May to October, arguing investors overreacted to launch delays; analyst Bryan Kraft says all but $10 of the share price is backed by the value of AST's cellphone spectrum. Kraft also expects SpaceX's satellite direct-to-cell network to push telecom companies toward partnering with AST. Piper Sandler downgraded the stock to neutral, noting that Ariane, Blue Origin and United Launch Alliance rockets are currently unavailable, which leaves AST dependent on SpaceX, now its primary competitor, to launch satellites. AST needs between 45 and 60 satellites to cover even select markets.
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