Why Rocket Lab Stock Keeps Going Up
Rocket Lab (NASDAQ: RKLB) stock soared by another 16% through 11:13 a.m. ET Friday, putting it on course to close out this week with a 37% total gain.
The company manufactures (relatively) small rockets that it uses to launch small satellites into orbit, but what launched its share price upward earlier this week isn't 100% clear. However, credit for Friday's gain in particular surely goes to KeyBanc, which just announced it's raising its price target on the space stock to $11 a share.
KeyBanc didn't quantify why it thinks Rocket Lab is worth exactly $11 a share. In Friday's note, covered on StreetInsider.com, analyst Michael Leshock simply said he "came away with increased visibility/ confidence in RKLB's ability to scale its business" after meeting with company management, and believes Rocket Lab will be "an industry leader in both launch services and satellite manufacturing/design."
Source Fool.com
