AST SpaceMobile, Inc. (ASTS) saw its stock price soar by 5.53% during intraday trading on Wednesday, marking a significant upward movement for the satellite communications company.

The surge appears to be driven primarily by the announcement of a strategic partnership with Canadian telecommunications provider TELUS. The companies revealed a deal to bring space-based cellular broadband service to rural Canada, with TELUS committing to invest in ground-based satellite infrastructure and become an equity stakeholder in AST SpaceMobile. This collaboration aims to provide text, voice, and data connectivity to remote Canadian locations starting in late 2026.

Adding further positive sentiment, multiple analysts raised their price targets for AST SpaceMobile. Deutsche Bank increased its target price to $139 from $137 while maintaining a Buy rating, and UBS significantly raised its target to $85 from $43. These upward revisions reflect growing analyst confidence in the company's business prospects following the TELUS partnership announcement.