Barclays double downgraded AST SpaceMobile (ASTS) to Underweight from Overweight with an unchanged price target of $60. While direct-to-cellular will prove to be a “very attractive opportunity” and AST has key assets to succeed, the stock’s valuation “has become excessive,” the analyst tells investors in a research note. Barclays cites valuation despite AST’s “promising prospects” for the double downgrade.
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