Stifel analyst Erik Rasmussen reiterated a Buy rating and $24.00 price target on Spire Global (NYSE: SPIR).

The analyst comments "We recently learned that NOAA awarded Spire a $3M/6-month extension to its HyMS pilot contract, extending the program through March 2027, providing ~$500K of monthly revenue with minimal incremental cost. The award supports NOAA’s continued evaluation of HyMS data for NWP, severe weather forecasting, RF interference mitigation, and comparison against existing government owned HyMS capabilities. HyMS is a significant advancement over legacy broadband microwave sensors, leveraging hundreds to thousands of high-resolution channels to deliver improved data that can enhance forecast accuracy and model performance, particularly during high impact events such as hurricanes and winter storms. We believe this is the first known contract conversion from more than $150M of NOAA opportunities management highlighted earlier this year. With HyMS now validated on orbit and operating on existing satellite infrastructure, we view this extension as an encouraging first step in what could become a larger, high-margin NOAA revenue opportunity."

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Shares of Spire Global closed at $11.46 yesterday.