Globalstar upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley analyst Simon Flannery upgraded Globalstar to Equal Weight from Underweight with a price target of 97c, down from $1.75. The analyst says the company’s financing overhang is now removed and the shares are now reflecting a more appropriate view of terrestrial spectrum value. Moving forward, investors should be focused on Globalstar’s ability to start monetizing its terrestrial spectrum along with progress towards new satellite launches in 2025, the analyst tells investors in a research note.