11:55 AM EST, 11/18/2024 (MT Newswires) -- RBC has raised its target on MDA Space ( MDALF ) to $28 after the company reported strong third quarter results, with total sales of $282 million, up 38%, and 2% higher than consensus.

MDA also ended the quarter with $4.6 billion in backlog, up 49% from last year. FCF was $205 million in the quarter bringing the YTD total to $300 million.

"We believe that as MDA continues to fill its added production capacity, it will support continued multiple expansion on the stock," analyst Ken Herbert said.

Target raised to $28 (from $24). Maintain Outperform.

Price: 25.54, Change: +0.57, Percent Change: +2.28