Rocket Lab (RKLB) Stock Is Down 49% in Three Months. Here’s Why Analysts Still Like It
TLDR
- RKLB stock is down 8% year-to-date, trading at $64.26, well below its 12-month high of $151.00
- Wall Street maintains a Strong Buy consensus with an average price target of $108.88, implying 69% upside
- Cantor Fitzgerald raised its price target to $122, citing solid Q2 revenue and Neutron remaining on track
- Bank of America trimmed its target to $110 from $115 but kept its Buy rating, pointing to a $2.36 billion backlog
- Saudi Central Bank more than doubled its RKLB position in Q2; ARK Invest also purchased over 705,000 shares recently
Rocket Lab (RKLB) stock opened at $64.26 on Monday, sitting about 8% below where it started the year. The stock has dropped roughly 49% over the past three months and sits far off its 12-month high of $151.00.
Despite that slide, most analysts aren’t walking away. Wall Street has a Strong Buy consensus on RKLB, with 13 Buy ratings and four Holds. The average price target of $108.88 puts potential upside at around 69%.
Cantor Fitzgerald analyst Andres Sheppard recently raised his price target to $122 from $96, keeping his Buy rating in place. He pointed to solid Q2 revenue and management’s confirmation that the Neutron rocket remains on schedule for a first launch later this year.
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