AST SpaceMobile shares fell 3% to $57.04 during early trading Monday after B.Riley downgraded the stock from Buy to Neutral and cut its price target to $65 from $85, a 24% reduction. Analyst Mike Crawford said the risk-reward balance had shifted after the stock’s recent rally, while maintaining confidence in the company’s technology and its ability to build a broadband direct-to-device satellite network. His concern is that new competitors could limit pricing power, particularly Equatys, a proposed Viasat and Space42 partnership targeting as many as 2,800 satellites with potential launches beginning around 2028. Crawford is also watching whether Rocket Lab joins the venture, given its 8.725 MHz of L-band spectrum acquired from Iridium. He wants data on mobile network operator subscriber adoption and service-plan pricing before becoming more bullish. AST SpaceMobile has continued operational progress, including transporting BlueBirds 14, 15 and 16 to Cape Canaveral and fully deploying BlueBird 11 about 35 days after the August 5 launch of BlueBirds 12 and 13. The company remains unprofitable, with trailing 12-month revenue of $115.3 million versus a $22.2 billion market capitalization. Analysts remain divided: Berenberg initiated coverage with a Buy rating and $92 target, while Cantor Fitzgerald raised its target to $90 and retained an Overweight rating. TipRanks shows a Moderate Buy consensus from six Buy and five Hold recommendations, with an average target of $88.98 implying about 56% upside and individual targets ranging from $50.80 to $115. AST SpaceMobile has also reportedly expressed interest in buying spectrum licenses from Grain Management LLC in a deal valued at about $6 billion.