LMT - Satellite maker Terran Orbital stock soars following Jefferies buy rating

Terran Orbital (LLAP) stock soared for the second day in a row Wednesday after Jefferies initiated coverage of the small satellite developer and operator with a buy rating. Shares of LLAP opened at $5.11 before hitting a high of $8 in mid-morning. The stock recently changed hands at $5.96, up 20%, at approximately 11:10 a.m. ET. The stock closed 28% higher on Tuesday, reversing a downward slide that began shortly after LLAP’s merger with SPAC Tailwind Two on March 28. Earlier Wednesday, Jefferies initiated coverage of LLAP with a buy rating and price target of $10. “With backlog up nearly three times since year end and matching our 2023 revenue estimate, Terran Orbital is in a position to exceed our estimates,” the analysts wrote. “This is driven by the shift in space to small satellites, with Terran Orbital positioned to take advantage of the opportunities given its independent vertically integrated offering.” Jefferies

For further details see:

Satellite maker Terran Orbital stock soars following Jefferies buy rating