** Shares of space broadband network AST SpaceMobile ASTS.O fall 4.4% to $93.25 premarket

** Scotiabank downgrades stock to "sector underperform" from "sector perform" rating, citing long delays and how quickly rival Starlink is growing

** Brokerage says co still has no retail customers and needs around 50 satellites in orbit to offer continuous service, which may only happen in late 2026 or 2027

** Scotiabank says slow uptake in the U.S. and Japan, low ARPUs (average revenue per user), and high capex mean meaningful excess free cash flow may not come until 2028–29

** "The technology is impressive, but we cannot remember a single time when the company got timing right," says brokerage

** Five of 11 brokerages rate the stock "buy" or higher, 4 rate it "hold", 2 rate it "sell"; their median PT is $81 - data compiled by LSEG

** As of last close, stock is up 244.2% in the past 12 months

(Reporting by Kanishka Ajmera in Bengaluru)

((mail to: Kanishka.Ajmera@thomsonreuters.com))