A close look at the primary mirror of a Worldview Legion satellite during assembly and inspection.<\/p>\n
Maxar<\/p>\n
Maxar Technologies' stock jumped on Thursday after reporting third-quarter results, with Wall Street analysts welcoming the space company's progress toward the launch of key satellites next year.<\/p>\n
The company reported an adjusted EBITDA profit of $113 million for the third quarter, above the $109.9 million expected by analysts surveyed by FactSet, while Maxar's revenue came in below predictions at $437 million, versus $447.7 million expected.<\/p>\n
But the focus of Wall Street is Maxar's headway on its WorldView Legion satellites.<\/p>\n
A WorldView Legion satellite in the final stages of assembly.<\/p>\n
Maxar<\/p>\n
Legion is the company's constellation of six imagery satellites and is crucial to the company continuing to win lucrative contracts from U.S. defense and intelligence agencies. Maxar in August announced a delay to the launch of the first two Legion satellites, with the company targeting between March and June of 2022 a timeline the company reiterated in its latest report.<\/p>\n
Baird upgraded its rating on Maxar to outperform from neutral, with a $39 price target that represents a 44% climb from the stock's most recent close.<\/p>\n
\"The outlook has been considerably de-risked given visibility to Legion's first launch, and current prices provide a safer entry point,\" Baird analyst Peter Arment wrote in a note to clients.<\/p>\n
Shares of Maxar climbed nearly 18% in trading from their previous close of $27.05.<\/p>\n
Baird said its previous neutral rating \"was largely out of caution around potential\" further Legion delays, but \"line of sight to first launches is now much clearer.\"<\/p>\n
JPMorgan analyst Seth Seifman, who has an overweight rating and $47 price target, similarly emphasized that Legion's launch is \"the most important event\" for Maxar.<\/p>\n
\"We see a clear path to operational improvement, with strong cash flow generation in 2023, driven largely by the launch of Maxar's WorldView Legion,\" Seifman wrote to clients.<\/p>\n
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Space stock Maxar jumps after Q3 results, as Wall Street welcomes progress on key satellites - CNBC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" A close look at the primary mirror of a Worldview Legion satellite during assembly and inspection. Continue reading