Canaccord raised the firm’s price target on Kratos Defense (KTOS) to $120 from $74 and keeps a Buy rating on the shares. The firm noted Kratos announced that it was awarded a Phase 1 contract under “Project Anaconda” to upgrade the US Navy’s AN/SPY-1 radar system, with a $175M program ceiling across multiple phases. Canaccord said despite the shares recent run, they believe they have additional room to run following recently announced progress across several company initiatives combined with outsized fiscal support for hypersonic weapons (MACH-TB) and the Navy/ Air Force Collaborative Combat Aircraft programs.
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