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    City of Albertville Breaks Ground on Alleyway Entertainment Venue – WHNT.com

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    Brass Lion Entertainment unveils co-op action RPG Wu-Tang: Rise of the Deceiver – VentureBeat

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This Space Stock Has 35% Upside, According to 1 Wall Street Analyst

February 17, 2024
in News
This Space Stock Has 35% Upside, According to 1 Wall Street Analyst
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While the S&P 500 has risen more than 5% since the start of 2024, shares of Rocket Lab (NASDAQ: RKLB) have headed in the opposite direction, plunging about 10%. After the company reported preliminary fourth quarter 2023 financial results, Main Street turned its back on the launch specialist’s stock.

But one analyst thinks the sell-off is overdone. In fact, Rocket Lab has room to fly considerably higher from where it sits now in his estimation. Citigroup group reinstated coverage on Rocket Lab stock this week, and the firm’s analyst, Jason Gursky, assigned a $6 price target and buy rating. From the stock’s closing price on Tuesday, Gursky’s price target implies 35% upside.

Two factors fueled the analyst’s outlook

Gursky predicated the new price target on Rocket Lab’s success in securing capital and a recent order that the company received from the U.S. government. On Jan. 31, Rocket Lab announced a private offering of $300 million in convertible senior notes, a move that will help the company complete the projects in its backlog. With regards to Uncle Sam, Rocket Lab received an order worth $515 million for the development and operation of 18 space vehicles.

Rocket Lab is a leading space stock

Of the few space stock opportunities, Rocket Lab is a leading choice as its Electron rocket is the second most frequently launched U.S. rocket. Since the company is still unprofitable, it’s impossible to use traditional valuation metrics with respect to its stock. That being said, it seems quite reasonable that shares could soar to $6 if the company continues to win customer awards, replenishing and growing its stellar backlog ($582 million at the end of the third quarter 2023) as well as making progress toward achieving profits — especially since the stock had preciously traded at $6 last September and as high as $8 last July.

Should you invest $1,000 in Rocket Lab USA right now?

Before you buy stock in Rocket Lab USA, consider this:

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Citigroup is an advertising partner of The Ascent, a Motley Fool company. Scott Levine has no position in any of the stocks mentioned. The Motley Fool recommends Rocket Lab USA. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Nasdaq – https://www.nasdaq.com/articles/this-space-stock-has-35-upside-according-to-1-wall-street-analyst

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