BTIG keeps a Neutral rating on Kratos Defense (KTOS), noting that while the company reported “strong” Q3 results with positive signaling for Q4 and into 2025, a “significant program of record” is needed for either Valkyrie, Apollo, and/or Athena, and a “steady and dependable” volume is imperative to unlocking a bull case. Kratos is moving closer to this, but BTIG awaits further clarity as to how much potential can be unlocked through recent tactical contract awards, the firm added.
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