Globalstar initiated with a Buy at Clear Street

Clear Street analyst Greg Pendy initiated coverage of Globalstar (GSAT) with a Buy rating and $66 price target The firm views the company as a “compelling hybrid investment.” Globalstar combines a “de-risked” satellite business that is bolstered by Apple’s funding with a “valuable and underutilized” terrestrial wireless spectrum asset, the analyst tells investors in a research note. Clear believes that by 2030, the total addressable market for satellite internet of things could reach $4.9B.