AST SpaceMobile has received a positive upgrade from Bank of America. The bank has given the would-be broadband-to-consumer satellite operator a share price target of $55 (€46.89). AST is currently trading at about $42.

The bank says it has based its target on a Discounted Cash Flow (DCF) analysis and says a DCF valuation is sensible given that AST is an “early stage” business.

However, the bank stresses the potential upside benefits and downside risks, saying that the upside revolves around a faster than anticipated satellite manufacturing and launch cadence, as well as an accelerated subscriber adoption by AST’s terrestrial operating partners.

The downsides are manufacturing and launch delays, a longer period of subscriber adoption leading to lower-than-expected ARPUs. Increased satellite production costs are also a factor and unforeseen collisions between satellites and technology malfunctions.

Nevertheless, AST on September 4th announced that its first Block 2 BlueBird satellite, BlueBird 6, is fully assembled and undergoing final tests in preparation for shipment. The company also stated that 20 of its satellites have received approval to launch from the FCC.

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Tags: AST SpaceMobile, bank, BlueBird, FCC