Rocket Lab price target lowered to $12 from $14 at Stifel

Stifel analyst Erik Rasmussen lowered the firm’s price target on Rocket Lab to $12 from $14 and keeps a Buy rating on the shares after the company announced a weather-related delay and documentation requirement that pushed out the inaugural Electron launch from Wallops, Virginia to January from late December. Following the news, he is reducing his Q4 revenue estimates and shifting the launch revenues to Q1 with his FY23 estimates "remaining essentially unchanged" as he also slightly lowered his Space Systems revenue estimates to more adequately reflect the backlog and growth profile, Rasmussen tells investors. His thesis remains that Rocket Lab is "a true end-to-end space company that is scaling its business, while improving its market position," the analyst added.