US Stock Market Move | Upgraded to "Buy" rating by Deutsche Bank, AST SpaceMobile (ASTS.US) rebounds over 5%.

On Monday, AST SpaceMobile (ASTS.US) rebounded over 5% in early trading, following a drop of more than 10% the previous day that hit a new low for the year. On the news front, Deutsche Bank Aktiengesellschaft had upgraded the communications stock from "Hold" to "Buy." Analyst Bryan Kraft noted that the bank had downgraded the stock in May due to valuation concerns, when the New Glenn launch pad explosion caused significant delays to ASTS's launch plans. However, he now believes that the recent stock weakness, multiple positive developments and catalysts overlooked by the market, and spectrum value estimated to account for all of ASTS's enterprise value except for $10 per share, make this an opportune time to shift to a more positive stance. Kraft said in his latest report: "We believe Friday's 10% decline was a misreading, as the 800 MHz spectrum that SpaceX will acquire does not make SpaceX a more competitive D2D mobile network operator partner than ASTS, and ASTS is not targeting the direct-to-consumer market (which SpaceX will primarily serve with the 800 MHz spectrum)." He added: "We believe T-Mobile is increasingly likely to shift from Starlink to ASTS as its D2D partner (through a joint venture)."