Soleil Securities Initiates GeoEye (GEOY) with a Buy
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Soleil Securities initiates coverage on GeoEye (NASDAQ: GEOY) with a Buy rating and a $23 price target.
The firm highlighted that GeoEye is the smaller of the two commercial satellite imagery vendors in the United States. 90% of the company's revenue comes from US and foreign government agencies that use GeoEye imagery in national security and defense applications. Finally, the launch of its third satellite, GeoEye-1 on 8/22/08, "should re-accelerate revenue growth in '09 after negative growth in '08 due to continual launch delays."
GeoEye provides space-based, and aerial imagery and geospatial information.
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