Stifel analyst Erik Rasmussen raised the firm’s price target on Rocket Lab (RKLB) to $31 from $26 and keeps a Buy rating on the shares after the company announced that it was selected to be a member of a team of subcontractors, led by Kratos Defense (KTOS), to be part of a five year contract for the MACH-TB 2.0 under Task Area 1. The firm is “encouraged” by this latest announcement, noting that Rocket Lab has already serviced the MACH-TB program in the past and adding that multiple hypersonic test launches through the company’s HASTE rocket is “a good indicator for future opportunities for HASTE missions.”
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