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Maxar Technologies, one of the few publicly traded space companies, reported second-quarter earnings that largely impressed analysts, as the company delivered better than expected results on both the top and bottom lines.
"We think that Maxar's Q2 should clear a high bar following strong stock performance the past week," J.P. Morgan Chase analysts told clients. "Bookings were strong, as expected, but Q2 growth was solidly above expectations ... the likelihood of positive [free cash flow] in 2021 is growing."
Shares of Maxar jumped 20.7% in trading Thursday, breaking above $25 to its highest levels since October 2018. The stock is up over 50% so far in 2020, pushing its market value to about $1.4 billion.
"We believe MAXR's elevated leverage will constrain the stock's valuation multiples until the launch of [its Legion satellites] draws nearer, and we're apprehensive of timing risk," BMO wrote in a note. "That said, the outlook for the business has clearly improved, given a better backlog and return to profitability in the Space Infrastructure segment."
Here's what every major Wall Street analyst had to say about Maxar's earnings.