UPDATE: BofA Securities Starts Astra (ASTR) at Underperform Noting Commercialization Risks
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BofA Securities initiates coverage on Astra (NASDAQ: ASTR) with a Underperform rating and a price target of $9.00 seeing limited upside given the development and commercialization risks ahead.
The analyst stated "While Astra plans to target the growing and niche small satellite (smallsat) launch market, we believe the lack of proven performance will continue to weigh on the share price. Furthermore, on a relative basis, the company remains several paces behind its closest competitors, Rocket Lab and Virgin Orbit. Our PO is based on a long-term DCF of Base, Bull, and Bear cases for different revenue and cash generation scenarios between now and 2035."
Shares of Astra closed at $8.45 yesterday.
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