Globalstar shares climbed Monday, following B. Riley’s coverage of the mobile satellite services company.
B. Riley initiated coverage of Globalstar with a buy rating and a price target of $3.25. B. Riley analyst Mike Crawford mentioned that the company and its sponsors, “after years of development, support, and patience, are at long last starting to realize a return on satellite system and spectrum assets.”
That, according to Crawford, makes 2021 an “excellent” time to buy the company’s shares before the market incorporates this change.