Stifel raised the firm’s price target on Kratos Defense (KTOS) to $70 from $54 and keeps a Buy rating on the shares. The firm is raising its base EBITDA assumption to explicitly include a contribution from Valkyrie drones following “substantial developments” last week that it believes “establish a long-sought path” to full-scale production for the Valkyrie. The firm is also applying a higher multiple to reflect Kratos’ diversifying growth drivers, the analyst tells investors.
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