AST SpaceMobile (NASDAQ: ASTS) stock was trading up by 12.1% as of 11:04 a.m. ET on Wednesday after British bank Barclays raised its price target on the direct-to-cell (DTC) satellite communications company by 62% to $60 per share.

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Barclays analyst Mathieu Robilliard points out that SpaceX and T-Mobile have already launched a text-only DTC service costing subscribers $10 per month. That gives them an advantage over AST, which has not yet begun offering its service commercially.

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Source Fool.com