B. Riley Downgrades $ASTS to Neutral from Buy, Cuts PT to $65 from $85 Crawford says the risk/reward has “swung back toward balance,” citing “arguably stronger competitive alternatives, delayed launch, and rising constellation costs, potentially including additional spectrum.” BlueBird 11’s full deployment was confirmed about 35 days after ASTS announced successful deployment of BlueBirds 12 and 13, despite all three launching on August 5. His concern is “what prices consumers ultimately will bear for added space-based connectivity” as lower-cost competitors emerge. Viasat and Space42’s Equatys venture could begin launching a constellation that may reach 2,800 satellites as soon as 2028. He sees a potential Rocket Lab partnership with Equatys as a greater threat than Rocket Lab competing independently. Crawford still views D2D as a “multiple-winner market” and ASTS among its leaders. But with subscriber uptake and service pricing data still to come, he believes “shares fairly reflect what we know today.” Analyst: Mike Crawford