NextNav's (NN) re-banding proposal, if approved, would give it control over one of the last unconsolidated sub-GHz spectrum that could easily be integrated into 5G networks, making it an attractive acquisition target for wireless and satellite companies, Oppenheimer said in a note Thursday.

Analysts said they believe approval of NextNav's proposal is "imminent." If that happens, NextNav would gain an additional one megahertz of spectrum, giving it a contiguous 15 MHz in the lower 900 MHz band, according to the note.

This spectrum could end up being worth "substantially" more than the current estimate, especially depending on Federal Communications Commission rules around power and coverage, the brokerage said.

An approval would also remove geographic limits, service restrictions, and interference rules, turning a constrained asset into a clean 5G-ready spectrum block, the analysts said, adding that "for geopolitical reasons we believe the FCC is supportive of getting this spectrum deployed and having a GPS alternative."

Analysts said that, because of this, several potential buyers could be interested, including major wireless and satellite companies like AT&T (T), Verizon (VZ), or even SpaceX, with AT&T being the "most logical fit."

Oppenheimer upgraded NextNav to outperform from perform, with a $25 price target.

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