Shares of Rocket Lab USA, Inc. (RKLB) surged over 5% on Wednesday after KeyBanc analyst Michael Cohen raised his price target on the space company's stock from $11 to $12, maintaining an Overweight rating.
The analyst's price target increase reflects his optimism about Rocket Lab's growth prospects and potential to capture a significant share of the rapidly expanding small satellite launch market. KeyBanc believes the company's innovative launch vehicle and launch services offerings position it well to capitalize on the growing demand for space-based services and applications.
The positive analyst action boosted investor sentiment, driving a surge in RKLB's share price as investors anticipate further upside potential. The stock closed at $10.96, up 5.04% on the day, as investors responded favorably to the increased price target and continued Overweight rating from KeyBanc.
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