Rocket Lab (RKLB) Stock: BofA Calls the Dip an Entry Point After Earnings
TLDR
- Bank of America reiterated its Buy rating and $115 price target on Rocket Lab (RKLB), implying roughly 44% upside
- Q2 revenue came in at $234.1 million, up 62% year-over-year, slightly below the $237 million consensus
- Space Systems revenue nearly doubled to $189.5 million, well ahead of BofA’s $165 million estimate
- Rocket Lab posted a record $2.36 billion total backlog, up 137% from a year earlier
- Q3 revenue guidance of $250 million to $265 million came in above the $237 million Wall Street consensus
Rocket Lab reported Q2 revenue of $234.1 million, up 62% from $144.5 million a year earlier. The number came in just under the $237 million Bloomberg consensus, which weighed on the stock.
The drag came from the Launch Services segment, where revenue fell about 4% year-over-year to $44.6 million. That was the soft spot in an otherwise strong quarter.
Space Systems picked up the slack in a big way. Revenue there jumped to $189.5 million from $97.9 million a year earlier, driven by work on the Space Development Agency’s Tranche II and III programs and Rocket Lab’s spacecraft components business.
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