As previously reported, B. Riley analyst Mike Crawford upgraded Kratos Defense (KTOS) to Buy from Neutral with a price target of $35, up from $26, citing “a significant boost to our now Street-high estimates” following the company’s “remarkable” $1.45B five-year OTA contract for the Multi-Service Advanced Capability Hypersonic Test Bed 2.0. This is “the single largest contract award” in Kratos’ history as well as a significant win from what had been a $12B qualified bid and proposal pipeline, says the firm, which believes Kratos will take down the full $1.45B value with all options exercised for this MACH-TB award.
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