Karman initiated with a Neutral at Piper Sandler

Piper Sandler initiated coverage of Karman (KRMN) with a Neutral rating and $98 price target Karman has very attractive long-term growth prospects based on alignment to strategically important categories in defense and a niche-focused M&A model, but from a tactical perspective, shares are up about 37% year-to-date – an incredible rally over just 13 trading days – and the current rally does not present an attractive entry point without conviction on 2026 growth numbers inflecting further from here, the analyst tells investors in a research note.