ViaSat (VSAT) spectrum holdings have become the "most important" swing factor in the company's valuation as demand for mobile satellite spectrum remains high, Morgan Stanley said in a report Monday.

The investment bank now assigned about $6.2 billion, or roughly $42 per share, to Viasat's potentially "monetizable spectrum," representing about 44% of its updated $95 price target, according to the report.

Recent deals involving mobile satellite spectrum suggest a "favorable" supply-demand backdrop as companies pursue direct-to-device services, the report said. However, uncertainty around Viasat's planned Equatys joint venture with Space42 could delay or complicate "spectrum monetization," it added.

The firm also cited continued "competitive pressures" from low-Earth-orbit providers and uncertainty around the future of Viasat's defense technology business, according to the report.

Morgan Stanley maintained an equal weight rating on ViaSat and raised its price target to $95 from $51.

Shares of ViaSat were up 3.4% in Monday trading.

Price: 83.08, Change: +2.70, Percent Change: +3.36