KeyBanc raised the firm’s price target on Rocket Lab (RKLB) to $29 from $28 and keeps an Overweight rating on the shares. The firm is encouraged that the company continues to vertically integrate and focus on manufacturing satellite constellations, including acquiring Goest last week. This acquisition expanded Rocket Lab into the payload portion of satellites, which can be application specific. The company sees significant opportunities for satellite constellations within Defense applications, and KeyBanc expects this to be a focal point for Rocket Lab going forward, ahead of building its own satellite constellation in-house.
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