BofA cuts PT for Astra Space, Rocket Lab and Virgin Galactic

Astra Space

23/05/2022 19:27

** Shares of space companies including Astra Space Inc
 ASTR.O , Rocket Lab USA  RKLB.O  and Virgin Galactic Holdings
 SPCE.N  down between 0.1% and 5%
    ** BofA Securities cuts price objective for SPCE to $7 from
$8.40, says it forecast bigger losses in 2022/2022
    ** Cuts price objective for ASTR to $2.70 from $4, says it
awaits further proof of viable launch frequency
    ** Adds that brokerage sees outstanding lawsuits against
senior management as headwind
    ** BofA cuts RKLB's price objective to $12 from $15 to
account for shifting market conditions, reiterates "buy" rating
on strength of space systems segment, proven launch cadence, and
positive testing of Electron recovery via helicopter

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com;))