UPDATE: Deutsche Bank Starts Astra (ASTR) at Buy, $13 PT
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Deutsche Bank analyst Edison Yu initiates coverage on Astra (NASDAQ: ASTR) with a Buy rating and a price target of $13.00.
The analyst commented, "We initiate coverage on the Space sector, starting out with a focus on rocket launch services. While the industry has existed for many decades, public interest diminished toward the latter part of 20th century and entrepreneurs mostly avoided the sector due to high barriers to entry, regulation, and limited deployment opportunities. However, in recent years, we believe the emergence of a New Space Race, both between industry titans (Musk vs. Bezos vs. Branson) and nations (US. vs. China), ensures that this will be the next frontier for growth investment, and progress will accelerate dramatically in the next 5-10 years. Unique to space, we believe it is becoming evident to society that for human civilization to truly progress, we must explore the cosmos and the upcoming innovation will revolve around developing business models to support this endeavor. For rocket launch, we identify the emergence of 6 disruptive companies which we believe will push the industry forward and faster than ever before. In this report, we focus on Astra and why we are bullish on the company’s prospects. It is the first pure rocket launch company to go public and, in our view, offers a unique value proposition in the marketplace."
Shares of Astra closed at $8.91 yesterday.
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