B. Riley raised the firm’s price target on Kratos Defense to $22 from $20 and keeps a Buy rating on the shares. The analyst updated the company’s model to reflect the influx of cash and 16.7M increase in share count following the stock offering, as well as introducing 2026 projections including $1.38B revenue, $144M EBITDA, $50M capex, and $44M free cash flow. The firm sees increasing probability of potential upside upon realization of multiple pipeline opportunities.
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