Piper Sandler Starts Redwire (RDW) at Neutral

Piper Sandler analyst Clarke Jeffries initiates coverage on Redwire (NYSE: RDW) with a Neutral rating and a price target of $11.00.

The analyst comments: “Redwire's develops, manufactures, and sells space & UAS solutions and components for national security, civil, and commercial customers with 61% of revenue derived from government-related customers across defense and civil space agencies. On the space side (historical RDW), the company develops next-generation spacecraft & core space components across bus and payload including solar arrays, docking mechanisms, avionics, and radio-frequency systems. The UAS business which primarily came from last year's Edge Autonomy acquisition includes sub-Group 3 UAS, sensors and optics. While the multi-domain approach across space and defense tech is interesting, it's not abundantly clear to us if Redwire has critical mass in either sector to drive exceptional results. We are initiating coverage of Redwire at Neutral with an $11 price target as we assess how the competitiveness of the company's portfolio resonates in the market.”

For an analyst ratings summary and ratings history on Redwire click here. For more ratings news on Redwire click here.

Shares of Redwire closed at $8.62 yesterday.

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