On Tuesday, Canaccord Genuity maintained a Buy rating and a $25.00 share price target on Spire (NYSE:SR) Global (NYSE:SPIR), highlighting the launch of new satellites as a sign of expanding opportunities in aircraft tracking.
The firm's analyst noted the recent successful deployment of four satellites by SpaceX into Low Earth Orbit (LEO) for Spire Global, with two of these satellites enhancing the company's Space Services customer Myriota's Internet of Things (IoT) connectivity.
The new LEMUR satellites not only support IoT services for Myriota, which operates a constellation of over 30 spacecraft, but also come equipped with Automatic Dependent Surveillance-Broadcast (ADS-B) payloads.
This addition is set to strengthen Spire's capabilities in global aircraft tracking from space. The analyst expressed optimism about Spire's focus on growing its ADS-B business, which currently accounts for approximately 20% of the company's revenues.
During a recent discussion with Spire’s CFO, Leo Basola, the company's involvement in the European Space Agency's (ESA) EURIALO program was highlighted. The program aims to pinpoint aircraft locations over Europe using multilateration (MLAT) technology.
Spire has already secured a €16M contract to build an initial satellite for the EURIALO project, with potential for the ESA to extend the order to include a larger network of MLAT satellites linked by laser intersatellite links (ISL).
In related news, NASA has selected Spire as one of 15 vendors to provide spacecraft payload integration and launch services for agency projects. This selection is part of a combined $45M contract award and underscores Spire's growing presence in the space services sector.
The company's recent satellite launches and contracts with prominent space agencies demonstrate its commitment to expanding its aerospace capabilities and services.
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