Benzinga | Jul 12, 2021 07:45AM EDT

Barclays Initiates Coverage On SpaceMobile With Overweight, Sees 127% Upside

* Barclays analyst Mathieu Robilliard initiated coverage of SpaceMobile Inc (NASDAQ:ASTS) with an Overweight rating and a $29 price target, implying a 127.3% upside.

* SpaceMobile's unique proposition, significant addressable market, and goal of extending mobile coverage everywhere via satellite seek to address a growing policy priority for governments bridging the digital divide. Robilliard sees a compelling investment opportunity if the technology works as planned and management executes.

* The company just launched its U.K. headquarter at Space Park Leicester.

* Price action: ASTS shares traded higher by 8.9% at $13.90 in the premarket session on the last check Monday.