Terran Orbital initiated with a Buy at H.C. Wainwright

H.C. Wainwright analyst Scott Buck initiated coverage of Terran Orbital with a Buy rating and $5 price target. Terran is a designer and manufacturer of small satellites for government, civil, and commercial customers, the analyst tells investors in a research note. With an existing backlog of $2.6B, the firm anticipates a meaningful increase in revenue beginning in the second half of 2023 and carrying through 2025.