RBC Capital Markets raised its price target on MDA Space Ltd. (MDA.TO) to $28 from $24.
Analyst Ken Herbert maintained an Outperform rating on shares of the Canadian space technology company following its quarterly results.
"MDA Space reported strong 3Q24 results, with total sales of $282 Million, up 38% year over year (YoY) and 2% higher than consensus," Herbert said in a note to clients.
"With a clean balance sheet and positive FCF generation, we believe MDA has de-risked the capacity requirements to reach production of 2 satellites/day," the analyst said. "Further, we believe scarcity of investable space companies will be a positive for sentiment."
"We believe that as MDA continues to fill its added production capacity, it will support continued multiple expansion on the stock," Herbert said.
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