KeyBanc upgrades Rocket Lab and Firefly after SpaceX’s $2.1 trillion IPO, sets $135 and $50 targets

SpaceX began trading on Nasdaq Friday in what was billed as the largest IPO in history, with the stock up 19% and the company valued at $2.1 trillion. On the same day, Rocket Lab slid nearly 11% and Firefly tumbled 19%, even as KeyBanc argued the selloff created an opportunity. The bank upgraded both stocks to overweight and set price targets implying 32% upside for Rocket Lab and 57% for Firefly, according to KeyBanc Capital Markets.