Deutsche Bank downgraded AST SpaceMobile to Hold from Buy with a price target of $106, down from $117. The stock in morning trading is down 17%, or $23.21, to $109.88. The firm cites the "catastrophic explosion" of a New Glenn rocket at Cape Canaveral last night for the downgrade. An explosion of this magnitude causes significant damage to the launchpad, which will require time to restore, the analyst tells investors in a research note. Deutsche believes the explosion will bring a "significant delay" to Blue Origin's launch timeline. Without Blue Origin, AST will not be able to meet its launch target of 45 satellites in orbit by the end of 2026, contends the firm. It believes the company's launch plan will now be delayed by six months.
