Royal Bank Of Canada Issues Positive Forecast for MDA Space (NYSE:MDA) Stock Price

Key Points

• Royal Bank of Canada raised its price target for MDA Space from $58 to $60 and maintained an “outperform” rating, implying roughly 78% upside from the stock’s $33.72 price.
• Analyst sentiment remains favorable, with MDA Space receiving a “Moderate Buy” consensus rating and an average price target of $48.75 from MarketBeat-tracked analysts.
• MDA Space exceeded quarterly expectations, reporting adjusted EPS of $0.26 versus $0.24 expected and revenue of $360.18 million compared with the $321.87 million consensus estimate.

MDA Space (NYSE:MDA - Get Free Report) had its price objective lifted by Royal Bank Of Canada from $58.00 to $60.00 in a report released on Monday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's target price points to a potential upside of 77.94% from the company's current price.

Several other brokerages have also recently commented on MDA. Scotiabank restated an "outperform" rating on shares of MDA Space in a research report on Monday, June 22nd. Weiss Ratings raised shares of MDA Space from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 4th. Jefferies Financial Group upgraded shares of MDA Space to a "strong-buy" rating in a research report on Wednesday, June 10th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $41.00 target price on shares of MDA Space in a report on Monday. Finally, Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of MDA Space in a report on Monday, June 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $48.75.

MDA Space Stock Down 2.5%

Shares of MDA traded down $0.87 during trading hours on Monday, hitting $33.72. 509,557 shares of the company were exchanged, compared to its average volume of 1,242,988. The company has a current ratio of 0.80, a quick ratio of 0.77 and a debt-to-equity ratio of 0.20. MDA Space has a fifty-two week low of $23.23 and a fifty-two week high of $49.37. The stock has a market capitalization of $5.47 billion and a P/E ratio of 120.43. The business's fifty day simple moving average is $36.00.

MDA Space (NYSE:MDA - Get Free Report) last posted its quarterly earnings results on Friday, August 7th. The company reported $0.26 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. MDA Space had a return on equity of 10.01% and a net margin of 5.68%.The business had revenue of $360.18 million during the quarter, compared to the consensus estimate of $321.87 million. Analysts anticipate that MDA Space will post 0.99 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in MDA Space during the 2nd quarter worth $4,931,000. Deutsche Bank AG raised its position in MDA Space by 85.9% in the second quarter. Deutsche Bank AG now owns 54,516 shares of the company's stock valued at $2,250,000 after purchasing an additional 25,197 shares during the last quarter. SCS Capital Management LLC acquired a new stake in shares of MDA Space during the second quarter valued at about $1,003,000. Finally, Citizens Financial Group Inc. RI acquired a new stake in shares of MDA Space during the second quarter valued at about $388,000.

MDA Space Company Profile

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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