AST SpaceMobile stock jumped above a buy point on Wednesday and received a price target hike after the SpaceX rival announced a production and launch update.
AST SpaceMobile late Tuesday announced that its BlueBird 6 satellite had completed final assembling and testing and was ready to ship to India on Oct. 12. The company also expects to ship its BlueBird 7 satellite to the Cape Canaveral launch site later this month.
AST SpaceMobile said that BlueBirds 8 to 16 are in various stages of production, with launches planned every one to two months on average in 2025 and 2026. The satellite maker is on track to complete 40 phased arrays by early next year, and expects 45 to 60 satellites in orbit by the end of 2026.
The BlueBirds will mark the largest commercial satellites ever deployed in low-Earth orbit, according to AST SpaceMobile. The company has partnered with over 50 mobile network operators that serve nearly 3 billion subscribers.
Barclays hiked its price target on ASTS stock to 60 from 37 Wednesday on the news, The Fly reported, citing improvement in AST's medium-term outlook. The firm noted that T-Mobile and SpaceX's Starlink launched a text-only service for $10 per month. AST's products will be a greater offering, with call, text and broadband, which could see higher price points. Barclays kept an overweight rating on AST SpaceMobile.
AST SpaceMobile Stock
ASTS stock rallied 16% Wednesday, closing above a 56.37 buy point for a cup-with-handle base.
AST SpaceMobile has soared about 170% so far this year.
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