B. Riley analyst Mike Crawford lowered the firm’s price target on AST SpaceMobile (ASTS) to $95 from $105 and keeps a Neutral rating on the shares. Shares fell 15% amid a broader sector downturn after the company priced a $1B 2.25% convertible note due 2036 and executed a $614M direct offering to retire existing debt, strengthening its balance sheet to roughly $2.78B in cash, the analyst tells investors in a research note. Preliminary FY25 results show revenue of $63M-$71M and adjusted opex of $257M-$263M, while management highlighted potential new focus areas, including monetizing proprietary LEO technology for AI-related opportunities and alternative payloads, the firm says.
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