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BofA Securities analyst Ronald J. Epstein revised price forecasts and estimates for major stocks in Rocket Lab Corporation (NASDAQ:RKLB), Redwire Corporation (NYSE:RDW), and Intuitive Machines, Inc. (NASDAQ:LUNR) following the third-quarter results.
The analyst sees more consolidation across the space sector as companies scale to capture new growth opportunities, with performance dependent on strong strategy and seamless integration.
Epstein raised the price forecast to $60 (from $50), while keeping a Buy rating.
The analyst notes that Rocket Lab posted better-than-expected third-quarter results with strong profitability, even after adjusting for one-time gains.
While the first Neutron launch is now slated for 2026, they see minimal risk from the delay and remain focused on performance.
The analyst adds that with over $1 billion in liquidity, RKLB is well-positioned to further expand its in-space payload and technology capabilities.
The analyst further highlights that Rocket Lab strengthened its end-to-end capabilities by completing the Geost acquisition, with Mynaric expected to close soon and additional expansion targets on the horizon.
The analyst now expects 2025 EPS of ($0.38) versus ($0.42) previously, 2026 EPS of ($0.21) versus ($0.18), and 2027 EPS of $0.04 versus $0.07 earlier.
Revenue projections for 2025 and 2026 remain unchanged, while 2027 revenue is now forecast at $1.702 billion, up from $1.650 billion, adds the analyst.
Epstein raised the price forecast to $9.50 (from $8.50), while maintaining an Underperform rating.
The analyst writes that LUNR's acquisition of Lanteris expands its opportunities as a space prime and raises its baseline, though the market may wait for proof of successful integration and execution.
Existing commercial and defense satellite experience and profitability add stability, even as the portfolio may grow more slowly than legacy LUNR, adds the analyst.
Epstein says that the company could be more competitive for defense programs like Golden Dome, but integration challenges and potential conflicts with Lanteris' current clients could limit near-term gains.
The analyst forecasts 2025 revenue at $221 million (previously $262 million), 2026 at $1.021 billion (legacy LUNR $336 million; prior $374 million), and 2027 at $1.185 billion (legacy LUNR $437 million; prior $490 million).
The analyst now sees EPS estimates of ($0.25) vs. ($0.42) for 2025, $0.02 vs. ($0.25) for 2026, and $0.15 vs. ($0.06) for 2027.
For Redwire, Epstein lowered the price forecast to $6 from $9 and reiterated an Underperform rating.
The revision reflects limited progress on program visibility and ongoing portfolio headwinds into 2026, the analyst says.
The analyst previously highlighted program charge management as a key overhang, and third-quarter results confirmed these concerns.
Epstein notes that in its first full quarter, including Edge Autonomy, RDW reported $8.3 million in unfavorable EACs in the quarter, driving negative adjusted EBITDA.
Revenue growth missed consensus, and lingering effects of the government shutdown may weigh on fourth-quarter performance, adds the analyst.
Epstein now expects revenue of $338 million for 2025 (vs. $415 million prior), $527 million for 2026 (vs. $637 million), and $636 million for 2027 (vs. $769 million).
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