BlackSky initiated with a Buy at Canaccord

Canaccord initiated coverage of BlackSky (BKSY) with a Buy rating and $12 price target BlackSky currently operates a constellation of 13 commercial earth observation satellites collecting electro-optical and short-wave infrared imagery, the analyst tells investors in a research note. The firm says the company’s remote sensing satellites collect images of important economic resources, military targets of interest, industrial sites with potential greenhouse gas leaks and natural disasters up to 15 times per day. Canaccord believes BlackSky has a “robust” vertically integrated and software-as-a-service-like business model that is in “prime position” to generate over 30% sales growth with gross margins approaching 80% over time.