Rocket Lab initiated with a Neutral at Citi

Citi analyst Jason Gursky initiated coverage of Rocket Lab with a Neutral rating and $4.55 price target. The company’s business plan is not likely fully funded given development of new products, making execution milestones and bookings the key investor focus items, the analyst tells investors in a research note. For space-related names, Citi prefers business models that have a demonstrated ability to quickly ramp revenue given the finite lives of the assets being deployed or that provide the "picks and shovels to those deploying them."