Deutsche Bank upgraded AST SpaceMobile (NASDAQ: ASTS) from “Hold” to “Buy” while maintaining its $93 ASTS stock price target. The target implies approximately 82.5% upside from the last closing price of $50.97.

The bank had previously downgraded the stock in May following a New Glenn launchpad explosion that delayed AST SpaceMobile’s launch plans, alongside concerns about its valuation.

Now, however, analyst Bryan Kraft argues that the fact that ASTS shares have fallen roughly 65% from their May all-time high has created an attractive entry point amid improving prospects and several catalysts that investors may be overlooking. 

“We are upgrading ASTS to Buy and maintaining our $93 PT. The stock is down ~65%…