Gold rally may be losing steam but no major correction seen: DB
Investing.com - BofA Securities lowered its price target on Redwire (NYSE:RDW) to $9.00 from $10.00 on Friday, while maintaining an Underperform rating on the space infrastructure company’s stock. The stock, currently trading at $9.65, has experienced significant volatility, with InvestingPro data showing a -10% return over the past week.
The adjustment follows Redwire’s October 7 announcement that CFO Jonathan Baliff will retire effective November 30, 2025. Chris Edmunds, the company’s current Chief Accounting Officer, has been appointed as Baliff’s successor.
According to BofA Securities, Baliff will remain with Redwire in a consulting capacity for one year to facilitate the leadership transition.
The investment firm identified continuing program charges and potential M&A integration risk as key challenges for Redwire in its initiation report.
BofA Securities expressed concern that the CFO transition might delay Redwire’s progress on program management, which appears to be a factor in the price target reduction.
In other recent news, Redwire Corporation announced a significant contract win with Axiom Space to provide roll-out solar array (ROSA) wings for the Axiom Station’s first module, set to launch in 2027. The company also revealed that its subsidiary, Edge Autonomy, has delivered additional Penguin drones to the Ukraine Armed Forces, continuing its support for reconnaissance and surveillance efforts. Additionally, Edge Autonomy secured a contract to supply unmanned aerial systems to a European NATO country, although the customer and financial details were not disclosed.
Redwire is also undergoing leadership changes, with CFO Jonathan Baliff set to retire in November 2025. Chris Edmunds, the current Senior Vice President and Chief Accounting Officer, will succeed Baliff, who will remain as a consultant until December 2026. In another development, the company expanded its Board of Directors by appointing General (RET) James McConville and financial executive Dorothy D. Hayes as independent directors. These strategic moves reflect Redwire’s ongoing efforts to strengthen its leadership and expand its market presence.
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