Redwire price target raised to $16 from $10 at Alliance Global Partners

Alliance Global Partners raised the firm’s price target on Redwire (RDW) to $16 from $10 and keeps a Buy rating on the shares. The company was awarded $44.5M in contract awards during Q3 and on a trailing 12-month basis Redwire has been awarded $371M of contracts, notes the analyst, who argues that surging proposal submissions suggests bookings trends “should pick up dramatically.” The firm raised its EV/Sales multiple in anticipation of larger expected contract awards, the analyst noted.