Needham lowered the firm’s price target on Red Cat (RCAT) to $12 from $17 and keeps a Buy rating on the shares. The company reported strong Q3 results, with record revenues that exceeded Street expectations, but due to the government shutdown and a new product delay, Red Cat lowered 2025 revenue guidance 44% below Street expectations, the analyst tells investors in a research note. The firm adds however that while the SRR2 FRP contract is likely pushed out to Q1, the size of the opportunity is unchanged.
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