Rocket Lab Stock Price (NASDAQ: RKLB) Hits Further Heights as Rally Continues

Rocket Lab’s stock price (NASDAQ: RKLB) has again made headlines by reaching a new 52-week high of $31.64, following an upgrade by prominent analysts. The stock climbed 30.29% on the day, as Citigroup raised their price target, further boosting investor confidence.

This surge in its stock price follows Citigroup’s decision to upgrade the price target from $22.00 to $35.00 on Monday, while maintaining a “buy” rating. With markets closed on Monday, plenty of action took place during trading yesterday, with the stock gapping up to $26 on open from the previous close of $24.

In addition to Citigroup, Stifel also raised their price target earlier in the month to $31.00 and maintained a “buy” recommendation. Whilst other analysts have been moving to the upside, many of the targets are struggling to keep pace with the stock price, with gains of more than 485% in the past 6 months.

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Overall, the consensus among analysts remains moderately positive. Despite upside revisions, the consensus price target of $25.05 has yet to catch up with price action. Whether analysts, or price will be first to blink is yet to be seen.

Sentiment has been bullish in price action for quite some time, and with analysts revising targets to the upside, this is a momentum that may prove difficult for the bears to shift. As always, significant additional due diligence should be done before considering taking any positions, regardless of analyst views.