Rocket Lab price target raised to $55 from $34 at Stifel

Stifel analyst Erik Rasmussen raised the firm’s price target on Rocket Lab (RKLB) to $55 from $34 and keeps a Buy rating on the shares ahead of quarterly results. The firm is expecting an in-line print. The company had a solid quarter with 5 launches and benefited from a higher selling price, while also seeing a return to growth from its space systems business. Stifel believes Neutron remains on track for a late Q4 inaugural launch, and views its upcoming launch pad opening at Wallops VA as a good milestone and support for hitting this timeline. The firm expects management to reiterate a second half of the year acceleration, with both launch cadence improving and seeing its space systems business benefiting from its SDA contract, which has recently entered full-scale production.