B. Riley Securities analyst Mike Crawford upgraded AST SpaceMobile from Neutral to Buy, maintaining the price target at $85. The rating change reflects a more positive outlook on the company's stock performance.

Rating and Target Details

The upgrade moves the stock from a Neutral rating to Buy. Despite the rating change, the price target remains unchanged at $85.

Piper Sandler has initiated coverage on the new space trade, establishing a clear hierarchy among top industry players. The firm assigned an Overweight rating to AST SpaceMobile, while placing SpaceX and Rocket Lab Corp. in Neutral territory. This differentiation highlights a preference for satellite-to-smartphone connectivity over launch services in the near term.

AST SpaceMobile – Overweight Rating

AST SpaceMobile received an Overweight rating and a price target of $100. Piper Sandler views the company as a pure-play on direct-to-device broadband, which transforms everyday smartphones into satellite phones. The firm notes that ASTS partners with major mobile network operators like AT&T Inc., Verizon Communications, and Vodafone, accessing roughly 3 billion existing subscribers without building a consumer brand from scratch.

The $100 price target is based on a 20x 2031 EV/EBITDA multiple, discounted back at 15%. Analysts believe the partnership model reduces customer-acquisition friction and creates a moat against competitors like Starlink. However, the firm acknowledges that Starlink's ability to undercut pricing remains a primary risk.

SpaceX and Rocket Lab – Neutral Ratings

SpaceX was initiated with a Neutral rating and a $156 price target. Piper Sandler describes SpaceX as "a space stock, but really an AI play," focusing on the potential for orbital AI data centers. While the firm is comfortable with the multi-year thesis, it cites near-term headwinds such as post-IPO lockup expirations and an opaque capex curve for orbital compute.

Rocket Lab Corp. also received a Neutral rating with an $83 price target. The firm recognizes Rocket Lab as the credible "No. 2" player behind SpaceX, citing its engineering culture and the upcoming Neutron rocket. Despite these strengths, Piper notes that Rocket Lab trades at a premium revenue multiple compared to SpaceX and is likely to track with SpaceX rather than generate independent alpha over the next year.