Globalstar (GSAT – Research Report), the Communication Services sector company, was revisited by a Wall Street analyst today. Analyst George Sutton from Craig-Hallum maintained a Buy rating on the stock and has a $5.00 price target.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
George Sutton’s rating is based on the belief that recent headlines regarding Starlink’s availability on the T-Mobile network were misinterpreted, leading to an unwarranted decline in Globalstar’s stock price. He argues that the collaboration between Starlink and T-Mobile is not a new development and does not alter Apple’s plans with Globalstar, which remains integral to their ecosystem.
Sutton emphasizes that Globalstar offers a proprietary connection for Apple devices, providing seamless global connectivity that is unmatched by competitors. He highlights Apple’s strong commitment to Globalstar, evidenced by a significant financial investment to enhance its services. Furthermore, he draws parallels to other successful proprietary Apple services, suggesting that Globalstar’s integration could follow a similar trajectory, thereby justifying a Buy rating.
Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of GSAT in relation to earlier this year.