Needham initiated coverage of Red Cat (RCAT) with a Buy rating and $17 price target The unmanned aerial systems industry is entering a “multi-year supercycle” and Red Cat is positioned to capture accelerating demand for defense-grade small intelligence, surveillance, and reconnaissance drones, the analyst tells investors in a research note. The firm views the company’s most significant near-term opportunity as the U.S. Army’s Short Range Reconnaissance Tranche 2 program of record, which it thinks is positioned to significantly ramp into a $200M-plus opportunity over the next two years.
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