Stifel downgraded Terran Orbital (LLAP) to Hold from Buy with a price target of 25c, down from $7, after Lockheed Martin (LMT) announced a definitive agreement to acquire Terran Orbital for 25c per share in cash. The firm is “disappointed in the final outcome,” believing there is higher value to be realized for Terran Orbital longer-term, but says there is no denying the company “was undergoing a significant cash crunch.” As such, it sees Lockheed’s offer as the best possible outcome.
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