Karman Holdings Inc (KRMN) PT Lowered to $35 at RBC Capital

RBC Capital analyst Ken Herbert lowered the price target on Karman Holdings Inc (NYSE: KRMN) to $35.00 (from $38.00) while maintaining an Outperform rating.

The analyst commented: "4Q24 results in-line, 2025 outlook slightly ahead of expectations; Karman Holdings (KRMN) reported its first quarter as a public company with revenue in-line with our estimate at $345M. Adj. EBITDA was $106.1M (30.7% margin), just ahead of our estimate of $105.7M (30.5% margin). As expected, the 4Q24 results were in-line with the preliminary flash 4Q24 results. With the inclusion of the recent MTI acquisition, we believe the FY25 guide was still higher than expectations, implying ~19% organic growth. KRMN remains well positioned relative to DoD spending priorities, and we are maintaining our OP rating and adjusting our PT to $35."

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