BlackSky Technology Inc. (BKSY) PT Raised to $32 at Lake Street Capital Markets

Lake Street Capital Markets analyst Jaeson Schmidt raised the price target on BlackSky Technology Inc. (NYSE: BKSY) to $32.00 (from $4.00) while maintaining a Buy rating.

The analyst commented: "With this new capital, we estimate BlackSky has approximately $85M in cash, which we believe should give investors confidence the Company has sufficient capital to fully build out and launch its Gen-3 satellite constellation. Additionally, the new balance sheet should help calm any concerns from investors who believe a certain portion of the pipeline is predicated on the launch of Gen-3 satellites. The Company continues to expect to launch its first Gen-3 satellite in Q4. As a reminder, we think the Company will see a lift in pricing with Gen-3 capacity. We remain confident BlackSky is on track to see accelerated growth in 2025 as it benefits from its significant pipeline of multi-year deals, new contract wins, and renewal agreements from both U.S. and international governments. With the stock trading at only 0.6x our 2025 revenue, we think there is room for significant multiple expansion as the Company continues to demonstrate strong top line growth and improving AEBITDA. We are updating our estimates to reflect the recent 1:8 reverse stock split and the additional shares from the offering. We reiterating our Buy rating
and $32 price target."

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