Analyst Mike Crawford of B.Riley Financial maintained a Buy rating on NextNav (NN – Research Report), with a price target of $12.00.
Mike Crawford’s Buy rating for NextNav (NN) is based on an array of factors. One of the primary reasons for his positive outlook is NextNav’s achievement in surpassing the 3Q23 financial estimates, with improved EBITDA and FCF figures resulting in a robust quarter-end cash balance. Furthermore, the company has been making significant strides towards obtaining FCC approval for the deployment of its TerraPoiNT solution using standard 5G waveforms, a move that promises to unlock new opportunities.
Crawford also sees potential in NextNav’s recent contract with the U.S. federal government, which stipulates the use of the company’s infrastructure for GPS characterization in certain U.S. markets. He believes this could lead to a larger future contract, offering further revenue prospects. Additionally, NextNav’s expected integration into the Department of Transportation’s (DOT) PNT Services Clearinghouse and its agreement with a global chip manufacturer are seen as positive developments. Despite the slower-than-anticipated revenue growth, Crawford maintains his Buy rating, citing the prospective adoption of TerraPoiNT and Pinnacle growth as key growth drivers.
According to TipRanks, Crawford is ranked #249 out of 8489 analysts.
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NextNav (NN) Company Description:
Spartacus Acquisition Corp is a blank check company.
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