Redwire price target lowered to $19 from $20 at Alliance Global Partners

Alliance Global Partners lowered the firm’s price target on Redwire (RDW) to $19 from $20 and keeps a Buy rating on the shares. The company argued its 40x EV/EBITDA multiple is warranted given the growth it sees in both military drones and space over the next several years, the analyst tells investors in a research note. The firm believes that, under Redwire, Edge’s competitive positioning will be stronger for military applications, and that while business development has been underwhelming due to delays, proposals outstanding suggest bookings will pick up.