UPDATE: Stifel Starts Terran Orbital Corp. (LLAP) at Buy
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Stifel analyst Erik Rasmussen initiates coverage on Terran Orbital Corp. (NYSE: LLAP) with a Buy rating and a price target of $8.00.
The analyst comments "We are initiating coverage of Terran Orbital Corporation (LLAP) with a Buy rating and a target price of $8, using a 12.0x EBITDA multiple on our 2026E, representing 87% upside to the current price. We view this as a fair premium given the company is on the cusp of a very large and growing opportunity in the smallsat market, which is on the verge of inflecting. We view Terran’s leadership in the design and manufacture of smallsats and its technical capabilities around its Earth Observation constellation as key differentiators and see their strong backlog (up 3x since year-end) as support for our estimates. As Terran scales their revenues, gains traction with their synthetic aperture radar (SAR) satellite business and as the company makes progress towards achieving profitability, we believe the stock offers an attractive entry point as market conditions ease and should re-rate to a higher multiple over time."
Shares of Terran Orbital Corp. closed at $4.26 yesterday.
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