Rocket Lab price target raised to $50 from $40 at KeyBanc

KeyBanc analyst Mike Leschock raised the firm’s price target on Rocket Lab (RKLB) to $50 from $40 and keeps an Overweight rating on the shares following quarterly results to reflect stronger margins vs. our prior model and incremental confidence in Neutron’s progress. While the firm’s timeline to breakeven free cash flow is pushed out 3-6 months, this is due to increased investment in high-growth avenues, and Rocket’s strong cash position gives KeyBanc confidence in its ability to execute on these initiatives.