Intuitive Machines up after Keybanc starts coverage with 'overweight'

Shares of space startup Intuitive Machines LUNR.O up 7.3% at $11.64 premarket after KeyBanc Capital Markets initiates coverage

Brokerage rates stock “overweight” and sets PT at $20

Brokerage calls LUNR a front-runner for NASA’s Lunar Terrain Vehicle (LTV) award, a program with a potential $4.6 bln ceiling over 10 years; first vehicle delivery could bring $600–$800 mln revenue

Says recent $800 mln acquisition of Lanteris Space Systems adds satellite manufacturing and defense/data capabilities

Also initiates "overweight" coverage on other aerospace & defense names including AeroVironment AVAV.O, Kratos Defense & Security Solutions KTOS.O and Karman Holdings KRMN.K

As of last close, LUNR down 40.2% YTD