Rocket Lab initiated with a Buy at Needham

Needham initiated coverage of Rocket Lab (RKLB) with a Buy rating and $28 price target The firm says Rocket Lab is a “disruptive company in the fast-evolving space sector.” The company’s “deep” vertical integration is a differentiator and puts it in a “prime position” to challenge market leader SpaceX, the analyst tells investors in a research note. Needham believes Rocket Lab’s Space Systems business, which supplies turn-key satellite buses and subsystems, is benefiting from “strong” growth in government and commercial LEO constellation launches.