Maxar Technologies Inc (NYSE:MAXR) shares are trading higher Friday morning after Morgan Stanley analyst Matthew Sharpe initiated coverage on the stock with an Overweight rating and $50 price target.
The Morgan Stanley analyst cited accelerating revenue growth and improving margins as a result of the company’s planned WorldView Legion constellation of satellites, which are set to come online later this year. These satellites have the potential to increase revenue by about 10% by 2023, Sharpe said.
Maxar Technologies is an integrated space and geospatial intelligence company with a full range of space technology solutions for commercial and government customers.
The company is scheduled to report second-quarter financial results Aug. 4.
Price Action: Maxar Technologies has traded as high as $58.75 and as low as $15.60 over a 52-week period.
At the time of publication, the stock was up 6.7% at $35.34.
