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Investing.com - Canaccord Genuity has reiterated its Buy rating and $20.00 price target on Redwire (NYSE:RDW), highlighting the company’s drone technology capabilities. The stock, currently trading at $17.73, has shown remarkable momentum with a 119% gain over the past year. According to InvestingPro data, analyst targets for RDW range from $16 to $28, with a strong Buy consensus.
The VXE30 Stalker, a Group 2 unmanned aerial system (UAS) on the Blue UAS List, operates below 3,500 ft altitude and 250 knots with nearly two decades of operational flight experience in combat zones worldwide, according to Canaccord Genuity.
The drone weighs 49 lbs at maximum takeoff, can be assembled in 10 minutes, and primarily serves intelligence, surveillance, and reconnaissance (ISR) applications with over 8 hours of flight endurance.
Canaccord expects Redwire to leverage the Stalker and other Edge Autonomy drones to gain additional market share across U.S. Federal agencies and NATO allies, whose defense spending commitments are increasing to approximately 5% of GDP.
The firm notes Redwire can offer customers end-to-end solutions with encrypted data transfer between drones and satellites, including the Mako bus, while also manufacturing Link-16 enabled antennas for encrypted military communications.
In other recent news, Redwire Corporation has completed the integration of a Hammerhead spacecraft platform for an upcoming European Space Agency mission. This platform will support the In-Orbit Demonstration and Verification mission, showcasing innovative technologies funded by the European Union. Redwire, serving as the prime contractor, will conduct system testing and payload integration at its Belgian facility. Additionally, Redwire has signed a memorandum of understanding with Japan’s SpaceData Inc. to collaborate on space technology solutions, focusing on missions related to the International Space Station and lunar exploration.
In the realm of stock analysis, Canaccord Genuity initiated coverage on Redwire with a Buy rating and a $20 price target, citing the company’s growth potential in space and defense technology. Cantor Fitzgerald reiterated an Overweight rating with a $28 price target, noting Redwire’s expanding space capabilities and potential for favorable cash flow. Meanwhile, Redwire announced the planned resignations of three board members following its acquisition of Edge Autonomy, facilitating the election of new directors as part of the acquisition process. The company confirmed there were no disagreements with the departing members regarding its operations.
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