** Piper Sandler initiates coverage on SpaceX SPCX.O, Rocket Lab RKLB.O and AST SpaceMobile ASTS.O

** Brokerage says neutral-rated rocket builders are probably best-positioned over a multi-year period, because it's hard to build reusable rockets, and all companies in this sector will rely on their launch capabilities

** "Additionally, vertically integrated rocket makers can/will deliver services directly to end users, giving them an inimitable cost advantage. But, there's a price for everything, and over a one-year time horizon, it's hard to argue that SPCX and RKLB are 'cheap'"- brokerage

** SPCX up nearly 1%, ASTS down 9%, RKLB declines 1% premarket

** YTD, up to last close, RKLB up 9.2%, and AST had fallen 8.7%; SPCX down nearly 16% since June debut