Alliance Global Partners raised the firm’s price target on Redwire to $7 from $6 and keeps a Buy rating on the shares following the Q1 report. While bookings were seasonally low during Q1, proposals submitted during the quarter totaled $610M, which is a bullish indicator given Redwire submitted a total of $944M for all of 2023, the analyst tells investors in a research note. The firm believes the company’s margin profile will significantly improve and drive much stronger profits as it matures.
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