Rocket Lab (RKLB) Stock Is Down 46% but Wall Street Still Loves It
TLDR
- Raymond James analyst Brian Gesuale initiated coverage of RKLB with a Buy rating and an $80 price target, roughly 30% above recent levels.
- Rocket Lab stock has dropped 46% over the past three months, largely due to a selloff following the SpaceX IPO in June.
- The company ended its latest quarter with a $2.36 billion backlog, up 137% year over year.
- Gesuale projects Rocket Lab will reach positive free cash flow in 2028, ahead of SpaceXโs expected 2030 timeline.
- 83% of analysts covering RKLB rate it a Buy, with an average price target of around $112.
Rocket Lab (RKLB) picked up a fresh Buy rating from Raymond James on Friday, with analyst Brian Gesuale setting an $80 price target. The stock rose 1.6% to $62.95 on the day.
The $80 target represents roughly 30% upside from recent levels, though it sits well below the broader Wall Street consensus target of around $112.
RKLB has had a rough few months. The stock fell 46% over the three months heading into Friday, after trading above $150 in late May. It closed below $59 in late July, a few weeks after the SpaceX IPO.
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