Spire Global price target raised to $24 from $17 at Alliance Global Partners

Alliance Global Partners raised the firm’s price target on Spire Global (SPIR) to $24 from $17 and keeps a Buy rating on the shares. Spire sold its maritime business that restructures the balance sheet and fully funds the company, the analyst tells investors in a research note. The firm estimates Spire will have about $145M of cash and no debt after the transaction. It believes customers were likely hesitant to award large contracts to the company given its heavy debt load, and say Spire is now better positioned to win larger contracts.