Maxar TechnologiesThe stock of’rose on Thursday following the release of third quarter results. Wall Street analysts were pleased with the company’s efforts to launch key satellites in the coming year.

The company reported an adjusted EBITDA profit of $113 million for the third quarter, above the $109.9 million expected by analysts surveyed by FactSet, while Maxar’s revenue came in below predictions – at $437 million, versus $447.7 million expected.

Wall Street’s main focus is Maxar’s progress on the WorldView Legion satellites.

Legion refers to six satellites that provide imagery for the company. It is essential to the company’s ability to continue to secure lucrative contracts from U.S. intelligence agencies and defense contractors. Maxar in August announced a delay to the launch of the first two Legion satellites, with the company targeting between March and June of 2022 – a timeline the company reiterated in its latest report.

Baird raised its Maxar rating to outperform, from neutral. The $39 price target represents an increase of 44% from the stock’s last close.

In a note to clients, Peter Arment, Baird analyst wrote that the outlook was significantly de-risked due to Legion’s launch and that current prices offer a safer entry point.

Maxar’s shares increased nearly 18% by trading, compared to their closing price of $27.05.

Baird stated that its neutral rating was “largely out of caution about potential Legion delays”, but now the “line of sight is much clearer to first launches.”

Seth Seifman from JPMorgan, an analyst with an overweight rating, and a $47 price target for Legion, stressed that Legion’s launch was “the most significant event” in Maxar.

Seifman sent clients a letter saying that “we see a clear pathway to operational improvement with strong cash flow generation by 2023, largely driven primarily by Maxar’s WorldView Legion.”