BlackSky price target adjusted to $32 from $4 at Lake Street after reverse split

Lake Street raised the firm’s price target on BlackSky to $32 from $4 and keeps a Buy rating on the shares. After BlackSky closed its public offering, which included 10M shares and the overallotment of 1.5M shares, translating to gross proceeds of $46M, the firm estimates BlackSky has approximately $85M in cash, which it believes should give investors confidence the company has sufficient capital to fully build out and launch its Gen-3 satellite constellation. The firm, which is updating its estimates to reflect the recent 1:8 reverse stock split and the additional shares from the offering, is reiterating its Buy rating and adjusted $32 price target on BlackSky shares.