BlackSky price target lowered to $27 from $28 at Canaccord

Canaccord lowered the firm’s price target on BlackSky (BKSY) to $27 from $28 and keeps a Buy rating on the shares. The firm updated its model following the company’s earnings preannouncement showing revenue was down due to a decrease in revenues from the Professional & Engineering services business segment, which was negatively impacted by revenue recognition relating to longer- term contracts in various stages of completion. Looking ahead, management additionally issued reduced financial guidance for FY25.