** 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
(Reporting by Tharuniyaa Lakshmi in Bengaluru)
((tharuniyaa@thomsonreuters.com))
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