Rocket Lab price target lowered to $13 from $15 at Canaccord

Canaccord analyst Austin Moeller lowered the firm’s price target on Rocket Lab to $13 from $15 and keeps a Buy rating on the shares. The analyst said while we do now have higher confidence in the company’s Electron ramp and cost improvement goals, it is apparent that the R&D and employee headcount spending relative to Neutron will remain elevated until the company gets closer to launch.