B. Riley upgraded Redwire to Buy from Neutral with an unchanged price target of $8. The firm cites valuation for the upgrade with the shares down 26% decline since its downgrade on July 21. The selloff is due to valuation concerns as well as reaction to a string of open market sales by controlling owner AE Industrial Partners, the analyst tells investors in a research note. Riley believes Redwire “remains entrenched on a shortlist of winners in the new space economy, fueled by a strong portfolio of proprietary products and services that are enabling the next generation of space exploration and habitation.”
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