Leonardo DRS, Inc. (NASDAQ:DRS) is among the 10 best American defense stocks to buy according to Wall Street analysts.
The company was recently awarded a contract to support the Space Development Agency’s Tracking Layer Tranche 3 (TRKT3) with Infrared Mission Payloads.
Stock market data showing an upward trajectory. Photo by Burak The Weekender on Pexels
Leonardo will work on the design, development, and integration of advanced infrared mission payloads for the advanced missile defense program, enhancing its capability to detect and track ballistic and hypersonic missiles.
In a press release dated January 27, Leonardo DRS, Inc. (NASDAQ:DRS)’s CEO John Baylouny said the award was a testament to the company’s expertise in advanced space-based technologies in support of national security priorities.
Following the announcement of the contract win, BTIG analyst Andre Madrid maintained a Buy rating on the stock, with a $50 price target. The firm believes the contract could open up opportunities for further lucrative awards ahead for the company.
As of the close on February 5, DRS is a Moderate Buy with a one-year average share price target of $47.33, representing an upside of 26.99%.
Leonardo DRS, Inc. (NASDAQ:DRS) provides advanced defense technologies to the U.S. government and its allies. The stock is up 9.33% year-to-date.
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