RTTNews | Nov 4, 2021 12:16PM EDT

12:16 Thursday, November 4, 2021 (RTTNews.com) - Colorado-based technology company, Maxar Technologies Inc., is up 17% despite earnings missed Street estimates in the second quarter. According to reports, Baird analyst Peter Arment marked the company stock as "outperform" from "Neutral" while JP Morgan analyst ranked it at "Overweight".

The analysts are hopeful about the stock as the company nears the launch of the first of its WorldView Legion satellites. Arment foresees the stock to reach a target of $39 while his JP Morgan counterpart dubbed the company to reach $47 per share.

Arment said on his note to clients, "The outlook has been considerably de-risked given visibility to Legion's first launch, and current prices provide a safer entry point."

The net income reported by the company dropped to $14 million or $0.19 in the quarter from $85 million or $1.40 last year. On average, 10 analysts polled by Thomson Reuters expected the earnings to be $0.20 for the quarter.

After the report, the company is trading at $31.82, up $4.77 or 17.63% from the previous close at $27.05. The stock opened at $30,07 in the morning. In the 52-week period, the stock has traded between $21.05 and $58.75.

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