Redwire price target raised to $24 from $16 at Alliance Global Partners

Alliance Global Partners raised the firm’s price target on Redwire (RDW) to $24 from $16 and keeps a Buy rating on the shares following the announced acquisition of Edge Autonomy. The firm believes Edge’s Group 2 drones are disrupting the market given its intellectual property around batteries “that results in unmatched range and duration compared to the competition.” Not only will Redwire “open doors” for Edge at government agencies, but communication between Edge’s drones through Redwire’s Link 16 Antennas and the company’s space platform “create an even stronger competitive advantage for military applications,” the analyst tells investors in a research note.