MDA Space (NYSE:MDA) Price Target Raised to $58.00 at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised its price target on MDA Space to $58 from $50 and maintained an outperform rating, implying nearly 59% upside from the prior close.
• Other analysts have also turned positive on the stock, with recent ratings including buy, strong-buy, and overweight; the broader consensus is a Buy with an average target of $44.33.
• MDA Space shares were up 5.4% to $36.48, and the company also recently beat earnings expectations by reporting $0.28 EPS versus the $0.23 estimate.

MDA Space (NYSE:MDA - Get Free Report) had its price objective raised by research analysts at Royal Bank Of Canada from $50.00 to $58.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Royal Bank Of Canada's price target indicates a potential upside of 58.99% from the stock's previous close.

A number of other research analysts have also recently issued reports on the company. Jefferies Financial Group assumed coverage on MDA Space in a research note on Monday, April 6th. They set a "buy" rating and a $41.00 price objective on the stock. Canaccord Genuity Group upgraded shares of MDA Space to a "strong-buy" rating in a report on Wednesday, April 22nd. JPMorgan Chase & Co. began coverage on shares of MDA Space in a research report on Monday, April 6th. They set an "overweight" rating and a $34.00 price target for the company. Finally, Weiss Ratings began coverage on shares of MDA Space in a report on Wednesday, April 8th. They set a "buy (b-)" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $44.33.

MDA Space Stock Up 5.4%

MDA stock traded up $1.87 during mid-day trading on Monday, hitting $36.48. 407,515 shares of the stock were exchanged, compared to its average volume of 738,776. MDA Space has a 12 month low of $23.23 and a 12 month high of $37.45.

MDA Space (NYSE:MDA - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.05.

About MDA Space

MDA Space Ltd is a developer and manufacturer of technology and services to the space industry. It is an international space mission partner and robotics, satellite systems, and geo-intelligence pioneer. It is engaged in communications satellites, Earth and space observation, space exploration, and infrastructure. The Company collaborates and partners with governments and space agencies, commercial space companies, and defence and aerospace prime contractors in the space industry. Geographically, it generates the majority of its revenue from Canada.

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