Benzinga | Dec 9, 2021 09:50PM EST

B. Riley Believes Now Is An Excellent Time To Buy Globalstar, Thanks To Apple, Qualcomm

* Carrier aggregation information website Cacombos.com indicates that Globalstar Inc's (NYSE:GSAT) Band 53 is available in both the global and U.S. versions of Apple Inc's (NASDAQ:AAPL) iPhone 13 Pro, featuring Qualcomm Inc (NASDAQ:QCOM) Snapdragon X60 modem, B. Riley analyst Mike Crawford notes.

* The analyst believes all that's required for utility is a base station with Band 53 looking for the device.

* With evidence that its terrestrial 5G spectrum is an option on Apple's flagship iPhone 13 Pro, Crawford says "now is an excellent time" to buy Globalstar "before the market digests this change."

* He reiterates a Buy rating on the shares with a $3.25 price target, implying a 138% upside.

* Globalstar is a telecommunications company that derives revenue from mobile satellite services.

* Price Action: GSAT shares traded lower by 1.47% at $1.36 on the last check Thursday.