UBS downgraded AST SpaceMobile (ASTS) to Neutral from Buy with a price target of $43, down from $62. The analyst still believes AST will be a leader in the space-to-cellular broadband market. However, Starlink’s acquisition of EchoStar’s (SATS) S-Band spectrum for $19B “fortifies its position” in the space-to-cellular market and increases risk for AST, the analyst tells investors in a research note. UBS sees room for multiple players in space-to-cellular market but says execution risk is now higher for AST.
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