** Brokerage BofA Global Research starts coverage on space infrastructure firm Redwire RDW.N with "underperform" rating and a PT of $10

** PT represents a 10.6% upside to the stock's last close

** BofA says the company’s earnings are unpredictable and hard to forecast, partly because it relies on buying other companies and has a small group of major owners

** "RDW's results seem more emblematic of low-volume program development than of a merchant supplier" - BofA

** The company depends heavily on government space programs like NASA’s Artemis, which could be at risk if funding changes, BofA says

** Says two private equity firms own most of Redwire’s shares, and they may sell a large portion soon, which could limit the company's ability to raise money in the near term

** Including session's move, RDW down 47.4% YTD

(Reporting by Padmanabhan Ananthan)

((Padmanabhan.Ananthan@thomsonreuters.com))