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Why Globalstar Stock Soared 17% Today

TheMotleyFool

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Shares of Globalstar (NYSEMKT: GSAT) were up 17.8% through 10:35 a.m. EDT on Monday, and it's not hard to figure out why.

This morning, investment bank B. Riley (NASDAQ: RILY) initiated coverage of Globalstar with a buy rating and a target price of $3.25 on the stock, currently at $1.50 or so -- a clean double, plus a little bit more.

Image source: Getty Images.

Source Fool.com

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