Redwire initiated with a Hold at Truist

Truist analyst Michael Ciarmoli initiated coverage of Redwire (RDW) with a Hold rating and $16 price target As a space SPAC “survivor,” Redwire has evolved and increased its portfolio from a space pure-play into a defense-tech “disruptor,” as emphasized by the recent acquisition of Edge Autonomy, the analyst tells investors. While the firm views Redwire as “uniquely positioned” to capitalize on the needs of defense, commercial, and civil space customers, it adds that the company’s financial performance “remains tenuous” and would like to see more consistent financial performance before “gaining full conviction in the story.”