AST SpaceMobile stock jumps 11% after Berenberg Buy

AST SpaceMobile (ASTS) shares climbed 11% on Wednesday after Berenberg Bank began coverage with a Buy rating and a $92 price target. The bank said the target implies about 65% upside from the stock’s prior close.

Berenberg wrote that AST SpaceMobile has demonstrated cellular broadband connectivity from space to unmodified smartphones and highlighted the company’s spectrum holdings, including access to low-band frequencies and ownership of L-band and S-band spectrum. The bank also pointed to the company’s carrier agreements and a growing government and defense business.

Analyst Michael Filatov, who led the initiation, expects AST SpaceMobile to begin scaling commercial operations meaningfully in 2027 and projected rapid revenue growth and strong margins once continuous service launches. Berenberg noted the company has partnerships with more than 60 mobile network operators covering roughly 3 billion potential subscribers.

The bank framed AST SpaceMobile’s offering as complementary to traditional mobile carriers and listed AT&T, Verizon Communications, Vodafone and Rakuten as examples of operators that could work with the satellite service.

The initiation was part of a broader Berenberg review of the space sector that also began coverage of Rocket Lab and Planet Labs with Buy ratings. The bank reported the global space economy exceeded $500 billion in 2025 and forecast it could top $1 trillion by 2030, citing lower launch costs and accelerating commercialization. Berenberg said it prefers companies with vertically integrated launch capabilities and satellite technologies that are difficult to replicate, placing AST’s direct-to-phone technology within that investment framework.

Other analysts have issued different assessments. On Aug. 11, UBS maintained a Neutral rating and lowered its price target to $78. Piper Sandler kept an Overweight rating the same day but trimmed its forecast to $98. These ratings were published as AST SpaceMobile approaches its planned 2027 commercial expansion.

Berenberg described the stock’s risk-reward profile as asymmetric and identified potential catalysts including the ramp of continuous service, additional carrier agreements and progress on government and defense contracts. Investors will watch execution milestones and commercial launches over the next two years.