Canaccord raised the firm’s price target on BlackSky (BKSY) to $20 from $14 and keeps a Buy rating on the shares. The firm noted BlackSky has also been selected for the 5-year $200M Luno B contract to provide tactical GEOINT data to warfighters in theatre, in addition to the 10-year $1.02B EOCL contract for the NRO. Canacord said they accept that there is always launch and on-orbit commissioning risk with new satellite constellations, the rapid delivery of imagery and AI analytics from the first two Gen-3 satellites has been impressive, and the global defense environment is necessitating greater consumption of imagery volume by DoD/IC and allied MoDs.
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