BofA Cuts Price Target On These Space-Related Stocks - Spire Global (NYSE:SPIR), Astra Space (NASDAQ:ASTR)

BofA analyst Ronald Epstein updated price targets for select Space-related stocks to account for changing market dynamics, including anticipated Fed rate hikes that drive his discount rate up.
The analyst downgraded Spire Global Inc SPIR to Underperform from Neutral and lowered the price target of $1.75 (a downside of 30%) from $5.05.
Epstein views Spire's constellation of LEMUR satellites as differentiated, and he believes his prior bull case growth rate forecast of 54% is now "overly optimistic."
He adds that his lowered rating is based on the valuation given his revised price target.
The analyst upgraded Astra Space Inc ASTR to Neutral from Underperform and lowered the price target to $7 (an upside of 35%) from $9.
Epstein looks favorably on Astra's accomplishment of joining the ranks as one of the few privately-held U.S. companies to reach orbit successfully.
He contends that "this milestone is just the beginning of the company's journey toward achieving a consistent launch cadence," adding that his raised rating is based on the valuation given his revised price target.
Price Action: SPIR shares are trading lower by 0.42% at $2.49 and ASTR by 2.19% at $5.14 on Wednesday's last check.