Terran Orbital downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright downgraded Terran Orbital (LLAP) to Neutral from Buy with a price target of 25c, down from $3. The takeover by Lockheed (LMT) ends Terran’s “tumultuous run as a public company,” the analyst tells investors in a research note. With approximately 91.0% of Terran’s remaining performance obligations being tied to Lockheed Martin, the firm believes it is highly unlikely another bidder for the company would emerge.