Terran Orbital price target lowered to $3 from $5 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Terran Orbital to $3 from $5 and keeps a Buy rating on the shares. The analyst reduced 2023 estimates post the Q3 report to be consistent with management guidance. The Q3 results show clear operating progress, but forward visibility is challenged, the analyst tells investors in a research note. The firm notes Terran Orbital removed any contribution from its Rivada Space Networks contract from 2023 guidance. It recommends investors accumulate a position now, ahead of new contract wins, growing revenue, expanding margins and profitability.