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Bank of America downgrades space stock Maxar, sees 14% downside

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Space stock Maxar Technologies is beating the market this year, but Bank of America sees downside ahead. BofA downgraded Maxar to underperform from neutral. The firm also cut its price target on the stock from $36 to $25, implying about 14% downside from Maxar’s closing price Monday. The firm said it expects Maxar to see lower revenue and margins moving forward. “A combination of higher cost of goods sold (COGS) and increased depreciation … weigh on our forecasts,” BofA analyst Ronald Epstein said in a note Tuesday. There is “downside risk to today’s price levels,” Epstein said. Shares of the satellite imagery company are down 1.6% in 2022 versus the S & P 500’s 15.9% decline. –CNBC’s Michael Bloom contributed reporting.

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