Rocket Lab price target lowered to $5 from $6 at Wells Fargo

Wells Fargo lowered the firm’s price target on Rocket Lab to $5 from $6 and keeps an Equal Weight rating on the shares. Neutron development enters its final stretch in 2024, while Space Systems should see growth on recent wins, the firm notes. Further M&A looks likely near term, likely a positive given management’s prior track record, Wells adds.