Talent, tech injection should put Globalstar ‘on steroids,’ says Craig-Hallum

Craig-Hallum notes Globalstar (GSAT) has spent most of this year quietly executing on several key initiatives, but the quiet part might be over. On Tuesday, the company announced that Paul Jacobs will head the company as CEO, the firm says, adding that it views this development as further confirmation of Band 53’s unrecognized value by the market, which has already received endorsements from both Apple (AAPL) and Qualcomm (QCOM). Craig-Hallum believes the next potential catalyst for the stock is much closer than what fresh investors may realize. Apple has announced that it will hold its iPhone 15 launch event on September 12th, where “we will likely learn more about its 2.0 plan for its satellite-based services,” it adds. While the firm has yet to have any decisive insights on what Apple may announce, two-way messaging is the logical subsequent use case. Craig-Hallum has a Buy rating on Globalstar with a price target of $5.