Terran Orbital contract represents ‘massive opportunity,’ says Jefferies

After Terran Orbital announced its wholly-owned subsidiary has been awarded a $2.4B contract to design, build, and deploy 288 low-earth orbit satellites for Rivada Space Networks, Jefferies called the deal a "massive opportunity," noting that the award’s value is about 10 times the company’s current market cap and more than 10 times its current backlog of $198M. Assuming that the revenues tied to the deal are roughly split in 2025 and 2026, a $1.2B revenue estimate for each year compares to the firm’s and consensus’ current 2026 revenue estimate of $1B, noted the analyst. Jefferies has a Buy rating and $10 price target on Terran Orbital shares, which have jumped $1.22, or 71%, to $2.93 in pre-market trading.