Piper Sandler starts coverage on Satellogic V with 'underweight'

Satellogic

10/05/2022 11:57

** Piper Sandler starts coverage on aerospace tech co
 SATL.O  with 'underweight' rating 
    ** Sets PT at $5, implying downside of ~21.9% on stock's
last close 
    ** Brokerage says co's underlying technology is compelling
but it will require additional funding by 2023 to meet its
targets 
    ** "We believe it is behind peers in terms of business
development, and we see risk given high cash requirements over
the next three years" - Piper Sandler 
    ** Adds, SATL needs need to ramp up customer traction
quickly to hit its 2025 revenue target of $480 mln 
    ** Co went public in U.S. last year through merger with
blank-check vehicle in deal that valued it at $850 mln including
debt  urn:newsml:reuters.com:*:nBw31qLh6a
    ** As of last close, shares down 34% YTD 

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com;))