Stock Track | Globalstar Soars 5.53% Pre-market as B. Riley Boosts Price Target to $75

Stock Track11-10

Shares of Globalstar (GSAT) surged 5.53% in pre-market trading on Monday, as investors reacted positively to a significant price target upgrade from a prominent Wall Street analyst. The satellite communications company's stock is gaining momentum following B. Riley's bullish stance on its future prospects.

B. Riley, a well-respected financial services firm, has raised its price target for Globalstar from $60 to $75, representing a substantial 25% increase. This new target suggests considerable upside potential for the stock, which has caught the attention of early morning traders. Additionally, B. Riley has maintained its "Buy" rating on Globalstar, further reinforcing its positive outlook on the company.

The upgraded price target and reaffirmed Buy rating indicate that B. Riley analysts see strong growth potential in Globalstar's business model and future performance. While specific reasons for the upgrade were not immediately available, such a significant increase in price target often reflects an analyst's confidence in a company's fundamentals, market position, or upcoming catalysts that could drive share price appreciation. Investors will likely be watching closely for any additional details or company announcements that could support this optimistic view on Globalstar's future.

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