Space company Rocket Lab (RKLB) is standing at an interesting junction now, as the competition between commercial space exploration companies heats up after SpaceX’s (SPCX) blockbuster IPO. New Street Research analysts had already shown considerable faith in these companies, with Rocket Labs notable among them. New Street Research gave the company a bullish “Buy” rating and a Street-high $150 price target, which implies a 51.24% upside from current levels.
Rocket Labs recently announced a mega acquisition of the leading provider of global voice, data, and positioning, navigation, and timing (PNT) satellite services, Iridium Communications (IRDM). This gives the company an instant foothold in space-based applications, with a 500-plus-strong partner ecosystem to create a competitive, vertically integrated space company. The acquisition has the potential to unlock new markets for Rocket Labs by strengthening its vertical integration.
