Bank of America maintains buy rating for Rocket Lab

Bank of America has maintained a buy recommendation and a price target of $115 for Rocket Lab following its second-quarter results. While launch services revenue saw a slight decline of approximately 4%, reaching $44.6 million, the space systems segment experienced significant growth.

Space systems revenue rose to $189.5 million, up from $97.9 million the previous year, exceeding analyst projections. This growth was driven by contracts related to space agency programs. Rocket Lab reported a total second-quarter revenue of $234.1 million, a 62% increase year-over-year. The company's backlog has reached a record $2.36 billion, with more than 437 million dollars in new launch contracts secured during the quarter.