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AST SpaceMobile (ASTS) shares soar 12% to $62.36 and Planet Labs (PL) climbs 5% to $20.14 after Berenberg initiates coverage with Buy ratings and price targets of $92 and $25 respectively.
Berenberg analyst Michael Filatov initiated coverage on AST SpaceMobile with a Buy rating and a $92 price target, and on Planet Labs with a Buy rating and a $25 price target. The firm also initiated Rocket Lab (RKLB) with a Buy rating and an $83 target. The analyst cited the companies' unique and hard-to-replicate positions in the space sector. The gains are seen as initiation-driven bounces rather than broad sector momentum, as the Procure Space ETF (UFO) was up only 0.2%. Planet Labs is scheduled to report earnings on September 3.
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