NextNav price target raised to $29 from $20 at B. Riley

B. Riley raised the firm’s price target on NextNav (NN) to $29 from $20 and keeps a Buy rating on the shares. The firm attributes yesterday’s share selloff to a Tuesday evening markup of a Financial Service funding bill working through the House Appropriations Committee, attempting to bar the Federal Communications Commission from refiguring the 900 MHz spectrum band to create a 5G resource. The firm views this as a “Hail Mary political attempt” by the incumbent 900 MHz spectrum lobby to go around the desires of both the Trump administration and FCC to address a national security issue while creating a new 15 MHz 5G spectrum resource. The analyst cites NextNav’s “optionality” regarding the value of its licensed 12 MHz of low-band, 900 MHz spectrum for the target bump.