Redwire up after KeyBanc starts with 'sector weight' rating

Shares of space infrastructure firm Redwire RDW.N up 4.9% at $7.37 premarket after KeyBanc initiates coverage with “sector weight” rating

Brokerage says that after its $925 mln Edge Autonomy acquisition, RDW is moving beyond space infrastructure into defense technology and Uncrewed Aerial Systems (UAS) - aircraft that fly without onboard pilots, typically used for surveillance and tactical missions.

Says backlog boosted by Edge Autonomy deal

Says that RDW's combined portfolio now spans intelligence, surveillance, and reconnaissance (ISR) drones built for gathering battlefield data and ruggedized power systems to withstand harsh conditions

KeyBanc says there's potential upside from international defense modernization

As of last close, RDW down 57.3% YTD