Alliance Global Partners lowered the firm’s price target on Redwire (RDW) to $9 from $16 and keeps a Buy rating on the shares. The firm attributes the company’s Q3 miss to weaker demand trends in its space infrastructure business and delays in its drone production programs. However, much of the negative news is priced into Redwire with the stock down more than 60% year-to-date, the analyst tells investors in a research note. Alliance Global cut estimates citing the company’s near-term challenges to bookings.
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