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Investing.com - Canaccord Genuity initiated coverage on Redwire (NYSE:RDW) with a Buy rating and a $20.00 price target on Wednesday. The target sits within the broader analyst range of $16-$28, with the stock currently trading at $15.15. According to InvestingPro data, analysts are generally bullish on the stock, which has delivered an impressive 116.74% return over the past year.
The research firm views Redwire as a diversified space and defense technology component supplier with significant growth potential. Canaccord noted that Redwire has historically supplied over 150 space missions with key components and systems, including cameras, Link-16 antennas, and sun sensors.
Redwire has expanded its portfolio through the acquisition of Edge Autonomy, moving into drone platforms while continuing to add high-growth, margin-accretive product lines with established space and tactical mission heritage.
Canaccord believes Redwire has the potential to evolve from primarily a components supplier into a provider of interconnected, end-to-end space and defense platforms across domains.
The company was formed from assets of AE Industrial Partners, a private equity firm that currently owns 53% of Redwire shares, and has maintained a regular acquisition strategy of interrelated space and defense businesses since going public in 2021.
In other recent news, Redwire Corporation has successfully completed the integration of a Hammerhead spacecraft platform for an upcoming European Space Agency mission. This spacecraft will support the In-Orbit Demonstration and Verification mission, showcasing innovative technologies funded by the European Union. Additionally, Redwire has completed the first deployment test for its Roll-Out Solar Arrays (ROSA) designed for NASA’s lunar Gateway’s Power and Propulsion Element, marking a significant technology achievement.
In corporate developments, Redwire announced the planned resignations of three board members following its acquisition of Edge Autonomy Intermediate Holdings, LLC. These resignations are part of the acquisition process to facilitate the election of new directors nominated by third parties. On the financial front, Truist Securities initiated coverage on Redwire with a hold rating and a price target of $16.00, highlighting the company’s position in the growing space infrastructure market.
Meanwhile, Cantor Fitzgerald reiterated an Overweight rating on Redwire stock with a price target of $28.00, citing the company’s expanding space capabilities and autonomous evolution as key factors. The firm noted that investor sentiment has improved due to factors like U.S. defense budget growth and global security concerns. These recent developments reflect Redwire’s ongoing efforts to strengthen its position in the aerospace and defense technology sector.
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