B. Riley lowered the firm’s price target on Redwire (RDW) to $20 from $25 and keeps a Buy rating on the shares. The company reported a “perplexing” Q2 report, which was impacted by $25M of unexpected estimate at completion adjustments related to a classified program where Redwire took on nonrecurring engineering development risk, the analyst tells investors in a research note. The firm says management claimed to be just as blindsided by this development as investors.
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