Analyst Austin Moeller of Canaccord Genuity maintained a Buy rating on Spire Global, retaining the price target of $12.00.
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Austin Moeller has given his Buy rating due to a combination of factors including Spire Global’s recent contract win with Deloitte and the favorable budget approval by the European Space Agency (ESA). The confirmed contract with Deloitte involves the production and support of satellites for their Silent Shield program, showcasing Spire’s capability in providing advanced satellite services and reinforcing their ‘land and expand’ strategy.
Additionally, the ESA’s budget increase, which includes significant funding for satellite navigation and secure communications, aligns well with Spire’s business operations and future projects. This budget approval is expected to benefit Spire’s core business areas such as weather remote sensing and satellite manufacturing, as well as support their involvement in European projects like EURIALO and ESSP. These developments collectively enhance Spire’s growth prospects, justifying the Buy rating and the $12 price target.
SPIR’s price has also changed moderately for the past six months – from $10.470 to $8.410, which is a -19.68% drop .