Rocket Lab Corp. (NASDAQ:RKLB) is drawing fresh Wall Street optimism after Needham raised its price target on the space company to $120 from $95 while maintaining a Buy rating. 

RKLB stock is on a tear. See the chart and price action here. 

RKLB Q1 Results

The firm cited stronger-than-expected first-quarter results, rising backlog and progress on the company's larger Neutron rocket in a note titled "Beats, Raises, Neutron Tracking, Anduril Partnership, New Contracts, Wow…" 

Rocket Lab delivered first-quarter revenue of $200.4 million, above consensus of roughly $190 million, with sales rising 63% year-over-year and 12% sequentially, and the analyst highlighted strength across both major businesses. 

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