AST SpaceMobile price target raised to $22 from $19 at Deutsche Bank

Deutsche Bank analyst Bryan Kraft raised the firm’s price target on AST SpaceMobile to $22 from $19 and keeps a Buy rating on the shares after its Q1 results. The firm is reducing its 2024 revenue and EBITDA forecast due to a slower contribution from government contracts but boosting its price target due to time value of money factors as it rolls its valuation forward to 2024 estimates, the analyst tells investors in a research note. Deutsche Bank adds that its price target represents 5.5-times upside vs. the current stock price, creating an asymmetric risk-reward profile on the stock.