Space stock euphoria peaked ahead of SpaceX's record-setting initial public stock offering, before the sector fell back to Earth. But Berenberg sees four opportunities for investors, including AST SpaceMobile.

The broker launched coverage of four space stocks on Wednesday, all with Buy ratings: AST, Rocket Lab, Planet Labs, and HawkEye 360, according to ratings aggregators. Berenberg didn't immediately respond to a request for comment.

Shares of AST saw the biggest jump in response, rising nearly 10% to $61.22 on Wednesday. The company is building a satellite constellation to offer space-based communications, similar to SpaceX's Starlink product. Berenberg's price target for AST shares is $92, implying gains of 50%.

AST is still building its infrastructure, so it isn't operating at its full potential. Sales in 2027 and 2028 are expected to be about $645 million and $1.8 billion, respectively, with much of that contracted from large wireless carriers.

Planet Labs is an Earth imaging company. The price target is $25. Shares were up 3.5% at $19.93 in early trading. It is expected to produce calendar 2026 sales of about $436 million and generate positive free cash flow.

Rocket Lab is a mini-SpaceX, offering launch and satellite services. Berenberg's price target is $83. Shares were down o.4% on Wednesday at $62.30. Free cash flow isn't expected until 2028, but sales are growing rapidly. Rocket Lab's 2026 revenue will approach $1 billion, up from 2025 revenue of about $600 million.

HawkEye provides space-based military intelligence. Berenberg's price target is $24. Shares were down 2.2% at $17.96 in early trading, while the S&P 500 was up 0.6%. Defense stocks have been weak since the start of the Iran war. The company is expected to generate 2026 sales of about $217 million and generate positive free cash flow, according to FactSet.

Coming into Wednesday trading, the four stocks were down an average of 53% since the end of May, just ahead of the June SpaceX initial public offering. SpaceX and its lower-cost reusable rockets essentially invented the modern space economy, and its IPO captured investors' imaginations. Many space stocks rallied ahead of the event, only to sell off later.

There is still opportunity, though: All four stocks remain popular on Wall Street. Overall, 90% of analysts rate HawkEye360 shares Buy. The Buy-rating ratios for Planet Labs and Rocket Lab are 70% and 82%, respectively. The average Buy-rating ratio for S&P 500 stocks typically ranges from 55% to 60%.

AST is the only one with a below-average Buy-rating ratio: Only 35% of analysts rate shares Buy. That might be why the positive call, which is outside the current consensus, boosted shares so much.