Rocket Lab's Composite Setback: Neutron Slips to 2027 as Berenberg Bucks the Downgrade Trend
Published on 11/12/2026 at 17:01 | Editorial boerse-global.de
Rocket Lab's first Neutron launch will now slip to no earlier than 2027, the company has confirmed, after voids were discovered in a composite-material tank dome destined for the rocket's first stage. The disclosure, reported on Monday alongside quarterly results, has kept the stock under pressure — and it has split the analyst community down the middle.
Berenberg moved the other way on Wednesday, lifting its price target on the shares from $83 to $85 and reiterating its buy rating, according to media reports citing analyst Michael Filatov. The market was unimpressed: the stock fell 2.2% on the day, so the higher target drew no positive price reaction.
Two Camps on the Street
The divergence in ratings has been sharp. Piper Sandler cut its target from $83 to $58 on Tuesday while keeping a neutral stance, flagging the uncertain timing of the Neutron debut as a key risk for investors. The firm also pointed to lower valuation multiples across the space sector as a factor behind the reduction.
Morgan Stanley trimmed its own target on Wednesday, from $105 to $103, according to media reports, though it stuck with its overweight rating. Two further research houses lowered their targets on Wednesday while maintaining their positive ratings, with new marks landing between $100 and $103. Tuesday had already seen two other firms reduce their targets, to a range of $82 to $111.
Should investors sell immediately? Or is it worth buying Rocket Lab?
A Quarter of Contrasts
The results themselves were a study in mixed signals. Rocket Lab posted a third-quarter 2026 loss of $0.12 per share, wider than the $0.07 deficit analysts had forecast — a shortfall that media coverage tied to the post-earnings decline in the stock. Revenue, by contrast, hit a record $268 million, up 73% year over year on the company's own figures. The backlog stood at roughly $3.6 billion.
Coverage of the numbers cited both the delayed Neutron debut and the larger-than-expected adjusted loss as drags on the shares. On the revenue side, the fourth-quarter outlook came in stronger than expected: Rocket Lab guided to $270 million to $290 million for the period, with a GAAP gross margin of 34% to 36%.
Eight Missions, $515 Million
Commercial momentum, meanwhile, has not stalled. On Monday the company announced eight Neutron launch missions for five satellite-constellation operators, agreements valued at more than $515 million by Rocket Lab's own account. Several of the launches were contracted at a base price of $70 million each.
Rocket Lab at a turning point? This analysis reveals what investors need to know now.
The next mission on the manifest is an Electron launch, "The Mountain God Rises," carrying an iQPS satellite and targeted for no earlier than November 14, 2026.
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