Spire Global stock holds Buy rating at Canaccord on positive NOAA outlook

Investing.com - Canaccord Genuity maintained its Buy rating and $16.00 price target on Spire Global (NYSE:SPIR) stock, currently trading at $8.76 with a market cap of $273M. The firm’s target aligns with the broader analyst consensus of Buy, with price targets ranging from $15-17, citing reduced investor concerns about potential funding cuts for commercial weather data under the new administration. According to InvestingPro analysis, the stock appears slightly undervalued based on its Fair Value model.

The firm highlighted that the President’s FY26 budget request specifically empowers NOAA to negotiate weather satellite contracts and directs the agency to collect more commercial satellite data for efficiency and cost savings.

For FY24 and the FY25 Continuing Resolution, $27.5 million in funding was appropriated for NOAA’s National Environmental Satellite, Data, and Information Service (NESDIS) to purchase commercial satellite data under specialized programs, though NESDIS has a total budget of $1.8 billion as of FY25.

Canaccord believes this leaves substantial room for Spire Global to expand its share of wallet through its land-and-expand strategy, with NESDIS likely to create additional funding opportunities for commercial satellite operators.

The Senate Appropriations Committee specifically indicated in their FY26 markup that NESDIS has not fully embraced commercial data purchases at sufficient scale and strongly supports the continuation of commercial data programs, according to Canaccord’s analysis.

In other recent news, Spire Global has been awarded a significant contract worth $11.19 million from the National Oceanic and Atmospheric Administration (NOAA) to provide global navigation satellite system radio occultation data. This one-year contract will supply NOAA with crucial atmospheric measurement data, including pressure, humidity, and temperature profiles. Additionally, Spire Global secured another NOAA contract valued at $2.5 million to deliver satellite weather data focused on ocean surface winds. This contract is part of NOAA’s Commercial Weather Data Pilot Ocean Surface Winds Pilot Study.

Moreover, Spire Global received a non-compliance notice from the New York Stock Exchange for failing to timely file its Quarterly Report for the quarter ended June 30, 2025. On the analyst front, Stifel reiterated its Buy rating for Spire Global, maintaining a $17 price target following the company’s business update call for the second quarter. The company anticipates its second-quarter revenues to be between $18 million and $19 million, aligning with consensus estimates. Furthermore, Spire Global has been awarded a contract by the European Space Agency to provide historical weather data under ESA’s Third Party Mission program. This agreement will enable European researchers to access Spire’s historical Earth intelligence data.

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