Canaccord resumed coverage of Spire Global with a Buy rating and $12 price target, down from $20, after the company received a $3.8M, one-year contract renewal for weather radio occultation data from the National Oceanic and Atmospheric Administration. The company finally received a 12-month-duration contract from the agency following prior 8- and 6-month contracts, the analyst tells investors in a research note. The firm bekjueves the stock’s selloff over the revenue accounting method for Space Services subscription contracts has been overblown.
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