BofA sees Redwire as less attractive than space peers, starts at Underperform

As previously reported, BofA initiated coverage of Redwire (RDW) with an Underperform rating and $10 price target The firm sees growth in core offerings being limited by civil space funding exposure and argues that Redwire’s results “seem more emblematic of a low-volume program development than of a merchant supplier.” Earnings volatility and poor visibility, reliance on M&A, and concentrated ownership “make it less attractive than space and defense tech peers,” the analyst tells investors.