Berenberg Initiates $ASTS at Buy, PT $92 (65% upside) Analyst comments: "AST SpaceMobile is the only company to have demonstrated true cellular broadband from space to unmodified smartphones. It approaches commercial operations in 2027 with pieces its competitors lack, including 60+ mobile network operator (MNO) partnerships covering c3bn subscribers, premium lowband access plus owned L-band and S-band spectrum, and a growing government/defence franchise. The key to the story is that ASTS complements rather than competes with carriers like AT&T, Verizon, Vodafone and Rakuten. We see asymmetric risk-reward, with rapid revenue growth at extraordinary margins once continuous service launches in 2027 and multiple catalysts along the way. We initiate with a Buy rating and $92 price target." Analyst: Michael Filatov