AST SpaceMobile initiated with a Neutral at BofA

BofA initiated coverage of AST SpaceMobile (ASTS) with a Neutral rating and $55 price target The space wireless broadband provider is in the midst of launching its BlueBird satellite constellation in low-earth orbit which, when fully deployed, will enable it to provide wireless connectivity across the globe, the analyst tells investors. The firm sees a “large market potential,” but views this as a complementary service and points out that AST is an early-stage company with an “uncertain revenue ramp.”