This stock can double in 2024, according to Bank of America

This stock can double and skyrocket in 2024, according to Bank of America.
For next year, the American bank is selecting the most promising shares in the Nasdaq index and this one has caught the attention of analysts, with a growth potential of 134.2% from current values.
This is an aerospace company that has recently stepped up acquisitions and future projects and could give Elon Musk's SpaceX a run for its money.
According to experts, the shares of this company could double their value on the stock market.
Let's take a closer look at the reasons behind this prediction and what we can expect in 2024.
Why BofA is betting on this stock Rocket Lab (Nasdaq), founded in 2006 by a New Zealand rocket enthusiast with no formal academic background, has established a leading position in small launches into space.
While Bank of America has revised its target price slightly lower, it recognizes the company's significant growth potential.
It predicts a "price rebound" next year, supported by 22 missions planned for 2024.
The bank highlights how the debut of the Neutron rocket in 2025 confirms the company's commitment to space technological evolution.
A notable strategic move is the development of hypersonic flight via modified rockets called HASTE.
Rocket Lab follows a pragmatic approach, opting to upgrade existing technologies rather than undertake costly research projects.
This tactic, in addition to reducing the associated risks, opens up new financial opportunities.
Rocket Lab therefore emerges as a key player in the space future and Bank of America expects a significant price increase of 134.2%, setting the target price at $10.
Rocket Lab financial data Rocket Lab announced its financial results in early November.
In Q3 2023, revenue rose to $67.66 million, up from $63.06 million a year earlier.
However, net loss widened to $40.57 million from $34.61 million a year ago.
For the nine months, revenue reached $184.6 million, up from $159.23 million a year earlier, but net loss widened to $132.07 million from $98.74 million.
The high price volatility is justified by the company's estimates of fourth quarter revenues, expected between 65 and 69 million.
Despite the challenges of postponing an Electron mission, the company maintains a robust position, supported by a history of successful satellite launches (171 since 2018) and analyst optimism for future contracts.
Rocket Lab's Future Prospects and Targets Confidence in Rocket Lab's growth is supported by the company's future prospects.
Despite the expected launch delay of the next-generation Neutron rocket to 2025, Rocket Lab aims to solidify its position as a leader in small launches.
The company has an ambitious program with 22 launches planned for 2024, fueling positive investor expectations.
Additionally, the $143 million contract with MDA in the first quarter of 2024 will significantly contribute to Rocket Lab's revenues, becoming its largest single contract.
In November the company announced an expansion plan that includes creating a manufacturing and development complex for advanced composite products for the space industry, including spacecraft buses, structural panels, satellite dispensers and more.
In particular, it will support the development of the new launch vehicle, Neutron, following the success of Electron, the world's first carbon composite orbital launch vehicle, and Photon, the lunar spacecraft that delivered the CAPSTONE satellite into orbit of the Moon for NASA in 2022.
read also 10 stocks to buy and hold forever DISCLAIMER The information and considerations contained in this article should not be used as the sole or main support on which to make investment decisions.
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