🛰️ Clear Street reiterates its Buy rating on AST SpaceMobile $ASTS with a $115 price target, arguing that investors are focusing too heavily on ASTS's launch risks while underestimating SpaceX's own execution challenges. The firm expects AST SpaceMobile to reach commercial broadband service by mid-2027, despite current launch constraints. Its model assumes BlueBird launches resume on Falcon 9, with New Glenn potentially returning to service in December. Clear Street estimates that SpaceX's next-generation direct-to-device constellation would require approximately 1,200 satellites for initial global coverage, equivalent to roughly 24 Starship flights, while Starship's larger V2 satellites cannot currently launch on Falcon 9. The firm believes ASTS remains approximately six months ahead of SpaceX. On the commercial side, Clear Street highlights ASTS's agreements with major mobile operators, including its recently announced U.S. joint venture with AT&T and Verizon, alongside opportunities in government communications and Japan's satellite infrastructure program. The firm identifies several near-term catalysts, including BlueBird 14–16 launch dates, FCC decisions on satellite spectrum leasing, the October 29 spectrum auction vote, and New Glenn's potential December return. Clear Street projects $327M in revenue for 2028 and $1.91B for 2032, with adjusted EBITDA reaching approximately $932M by 2032. With shares trading at approximately $51.46, its $115 price target implies around 123% upside. #ASTS #SatelliteCommunications #SpaceX