Rocket Lab price target lowered to $7 from $10 at Roth MKM

Roth MKM analyst Suji Desilva lowered the firm’s price target on Rocket Lab (RKLB) to $7 from $10 but keeps a Buy rating on the shares. The company’s Q3 revenue growth was in line, with growth coming in space systems offsetting a mild pause in launch, the analyst tells investors in a research note. The firm adds however that it expects a healthy launch revenue recovery in the early 2024 as Rocket Lab recovers from its recent flight anomaly, as well as strong space systems ramp driven by contribution from a large spacecraft contract with Globalstar (GSAT).