B. Riley downgraded Redwire (RDW) to Neutral from Buy with a price target of $9.50, up from $8. The firm sees limited near-term upside with the shares up 78% since its upgrade to Buy on August 8. However, Redwire continues to rapidly grow its opportunity set of potential future awards, with the company now bidding on a number of $100M-plus programs, any of which could, if awarded, lead to a substantial increase in backlog going forward, the analyst tells investors in a research note. Riley cites valuation for the downgrade.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on RDW:
- Redwire launches investigation to ISS with BMS to study drugs with PIL-BOX
- Redwire prepares for major European satellite delivery in Q4
- Redwire provides critical onboard computer system for ESA’s Hera misssion
- Redwire joins U.S.-U.A.E. Business Council
- Redwire completes acquisition of Hera Systems
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
