Craig-Hallum Upgrades Spire Global (SPIR) to Buy

Craig-Hallum analyst Jeff Van Rhee upgraded Spire Global (NYSE: SPIR) from Hold to Buy with a price target of $20.00 (from $8.00).

The analyst commented: "Spire closed the day at a $293M market cap and a ~$367M EV, despite just announcing a $241M deal selling off a business unit comprising only 35% of revenue, and a proportional portion of profitability. If the deal closed today, it is hard to avoid the conclusion that the remaining ~$88M of ’25 revenue growing ~20%+, on track for ~$27M in ’26 EBITDA, is worth far more than a $127M enterprise value (4.7x ’26 EBITDA or 1.4x ’25 revenue. These pro forma numbers bake in divestiture of the business, and do not reflect any restatement assumptions). Clearly the sale of the Maritime business is a tremendous positive, both due to the pricepoint as well as the pending elimination of the debt overhang and pivot of focus/investment toward the higher growth segments. We were Hold rated due to the non-current financials / ongoing restatement, but given this sale, as well as the announcement of $40M ACV in Q3 Bookings, and announced cash balances giving a very encouraging sneak peek at results and the progress on FCF goals, we are upgrading to a Buy rating. Raising Price Target to $20. For clarity, we are not updating historical or forward estimates for either the pending restatement or the divestiture. We scope them roughly, to enable valuation understanding but full updates will come when there is greater clarity on restate and/or closure of the divestiture."

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

Shares of Spire Global closed at $13.45 yesterday.

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