Ladenburg raised the firm’s price target on Red Cat (RCAT) to $9 from $4 and keeps a Buy rating on the shares after the company announced that it is the winner of the DOD’s Short-Range Reconnaissance contract. This award is for almost 6,000 systems, which would amount to about $260M over the next three to five years, with the possibility for that number to increase by about 30%-50% for spare parts and training, says the analyst, who adds that the there is “significant opportunity beyond SRR.”
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