Red Cat initiated with an Outperform at Northland on drone opportunity

As previously reported, Northland analyst Michael Latimore initiated coverage of Red Cat (RCAT) with an Outperform rating and $13 price target Last year’s U.S. Army award of a large short range reconnaissance drone deal for Red Cat’s Black Widow drone “produced an avalanche of incremental interest,” says the analyst, who forecasts $80M of revenue for calendar 2025 and $150M for calendar year 2026. The company is also launching a mid-range drone, the Edge 130 Blue, which “furthers expands their opportunities,” the analyst added.