Rocket Lab price target lowered to $28 from $32 at KeyBanc

KeyBanc analyst Mike Leschock lowered the firm’s price target on Rocket Lab (RKLB) to $28 from $32 and keeps an Overweight rating on the shares following quarterly results. The firm cites the lower Q1 sales baseline, as its long-term thesis remains intact. Neutron’s first launch timing is now the second half of 2025, which KeyBanc believes expresses management’s confidence in where Rocket Lab is in the production and testing processes, and its ability to meet qualifications/milestones in a timely manner. The firm thinks Rocket Lab is on track to follow a similarly aggressive growth trajectory as SpaceX, and the company is positioned to be an industry leader in both launch services and satellite manufacturing/design.