Let's say you bodyguard on palob with moldy crow and recon spec. Could you activate bodyguard for more than one target?

No, because its a triggered ability you get one use per opportunity to use it. and seeing as "the start of the combat phase" only happens once a turn that's the only time it triggers.

Abilities activate once per opportunity.

Bodyguard can be activated only once at the start of the combat phase, which means you can only spend a single focus token on a single friendly ship, regardless how many focus tokens you got/stole.

darn