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Maxar Technologies, a space stock, is outperforming the market in this year’s Space Stock Market. Bank of America however sees downside. BofA downgraded Maxar, reducing its neutral rating to underperform. Also, the firm lowered its price target for Maxar from $36 to $25, implying a 14% upside from Maxar’s Monday closing price. Maxar’s revenue and margins will be lower, according to the firm. In a Tuesday note, Ronald Epstein, BofA analyst said that a combination of increased cost of goods (COGS), and higher depreciation “weighs on our forecasts”. Epstein noted that today’s prices are subject to “downside risks.” Shares of the satellite imagery company are down 1.6% in 2022 versus the S & P 500’s 15.9% decline. —CNBC’s Michael Bloom contributed reporting.
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