Rocket Lab rises as Cowen upgrades to 'outperform'

Astra Space

31/08/2022 11:03

** Shares of rocket maker Rocket Lab USA Inc  RKLB.O  jumps
6.8% to $5.48 premarket
    ** Cowen upgrades RKLB to "outperform" from "market
perform", raises PT to $8 from $6.50
    ** Says upgrade was based on "key execution milestones, an
improved competitive position, and benefits from Russian
sanction"
    ** Competitors Astra Space  ASTR.O  and Virgin Orbit
 VORB.O  look financially stretched, while RKLB's $441 mln in
net cash should get it to positive cash flow in 2024 - Cowen
    ** Up to last close, stock had fallen ~58% YTD

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))