Rocket Lab (RKLB) Stock Down 55% From Its High. Here’s Why Analysts Are Still Bullish
TLDR
- Raymond James initiated coverage on RKLB with an “Outperform” rating and an $80 price target, implying over 25% upside.
- Rocket Lab’s backlog hit $2.36 billion, up 137% year-over-year, with quarterly revenue up 62% to $234.1 million.
- Institutional investors including BlackRock and Bank of America made large new purchases in Q2; institutions now own 71.78% of the stock.
- Insider selling remains a concern, with over $312 million in insider sales over the past 90 days.
- The consensus analyst rating sits at “Moderate Buy” with a mean price target of $107.32.
Rocket Lab (RKLB) is trading around levels more than 55% below its year-to-date high, but Wall Street is starting to take notice again.
Raymond James analyst Brian Gesuale initiated coverage on September 11 with an “Outperform” rating and an $80 price target. That implies more than 25% upside from where the stock was trading at the time of the note.
Gesuale’s core argument is that Rocket Lab is not just a launch company. It has built out a full end-to-end mission capability, supplying components, software, and satellite platforms across civil, commercial, and national security missions.
… Continue reading the full article at the original source below.
This content is automatically aggregated. Full credit goes to the original publisher (coincentral.com).
